Calculate this ecb problem on a financial calculator

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Reference no: EM13261981

Consider a $185,000, 20-year, fixed-rate mortgage with monthly payments and a 7.825% interest rate. Assume that the borrower pays one origination point and $800 in other loan processing fees. Using the stated fees, what is the borrower's effective borrowing cost (effective rate) if he plans on holding the loan for 7 years?

Can you demonstrate how to calculate this ECB problem on a financial calculator?

Reference no: EM13261981

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