A borrower takes out a 30-year mortgage loan (with monthly payments) for $300,000 with an interest rate of 12% The lende

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answerhappygod
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A borrower takes out a 30-year mortgage loan (with monthly payments) for $300,000 with an interest rate of 12% The lende

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A borrower takes out a 30-year mortgage loan (with monthly
payments) for $300,000 with an interest rate of 12% The lender
requires 4.0 points to be paid at the time the loan is originated.
What is the effective interest rate on the loan if the loan is
repaid after 5 years?
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