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What interest rate are you paying

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You want to borrow $300,000 to start a business. The loan's initial balance is increased by 2% of the loan's face value for loan origination fees, mortgage insurance, credit checks, title searches, etc. Your annual payments are calculated using an initial balance of $306,000, an interest rate of 9%, and a 20-year term. The bank requires you to refinance the loan in 5 years by paying it off with a balloon payment. What interest rate are you paying?

Reference no: EM131809168

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