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Given the Following Information, Calculate the Effective Borrowing Cost (Rounded

question 26

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Given the following information, calculate the effective borrowing cost (rounded to the nearest tenth of a percent) . Loan amount: $166,950, Term: 30 years, Interest rate: 8 %, Monthly Payment: $1,225.00, Discount points: 2, Other Closing Expenses: $3,611.

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