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Calculate effective annual interest rate on the loan

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Reference no: EM132623445

A borrower takes out a 25-year mortgage loan (with monthly payments) for 100,000 with an interest rate of 6% The lender requires 3.0 points to be paid at closing. What is the effective annual interest rate on the loan if the loan is carried for all 25 years?

Reference no: EM132623445

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