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What will the annual effective borrowing cost be

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Suppose that you just borrowed $300,000 using a 30-year loan with an annual interest rate of 9% with monthly payments and compounding. In order to obtain the loan you had to pay a 0.75% origination fee, 1.5 discount points, and $1,000 in 3rd party closing costs. What will the annual effective borrowing cost be for this loan for a borrower who will pay off the loan at the end of the 4th year?

Reference no: EM132996015

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