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

question 26

Multiple Choice

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.

• A) 7.7%
• B) 8.2%
• C) 8.5%
• D) 9.1%

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Definitions:

Middle-aged Workers

Employees typically between the ages of 40 and 65, often considered in their most productive years.

Younger Workers

Individuals in the workforce who are relatively young, often bringing fresh perspectives but facing unique challenges.

Absenteeism

refers to the habitual non-presence of an employee or student, which can negatively impact productivity and morale in a workplace or educational setting.

Technological Skills

The abilities and knowledge needed to effectively use technical tools, digital devices, and other technology-related systems.