A borrower takes out a 15-year mortgage loan (with monthly payments) for $200,000 with an interest rate of 3.00% The len

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answerhappygod
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A borrower takes out a 15-year mortgage loan (with monthly payments) for $200,000 with an interest rate of 3.00% The len

Post by answerhappygod »

A borrower takes out a 15-year mortgage loan (with monthly
payments) for $200,000 with an interest rate of 3.00% The lender
requires 3.0 points to be paid at the time the loan is originated.
What is the effective interest rate on the loan if the loan is
carried for all 15 years?
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