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A local developer is advertising a new deal on the radio. The developer will provide purchasers financing at a below-market rate of j2 = 2.5% on a $375,000 mortgage. The mortgage has monthly payments over a 25-year amortization and a 3-year term. The market interest rate for similar mortgages is j2 = 5%.
Problem 1: If the developer sells the 3-year term loan immediately to a mortgage investor for $350,000, what is the mortgage investor's yield, expressed as an effective annual rate?
(1) 5.105212%
(2) 4.852124%
(3) 3.851247%
(4) 4.115542%
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