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What is the annual effective yield of this loan

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Reference no: EM133168105

Question - You have borrowed $1167403 for a home loan from Bank. The loan has a maturity of 25 years with a 6% nominal annual interest rate, compounded monthly. Bank charges 2 points on each home loan on the day of issuance. What is the annual effective yield of this loan?

Reference no: EM133168105

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