Given the Following Information,calculate the Effective Borrowing Cost (EBC)

question 19

Multiple Choice

Given the following information,calculate the effective borrowing cost (EBC) .Loan amount: $166,950,Term: 30 years,Interest rate: 8 %,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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