A mortgage loan having a face value of $63,000 is arranged by a mortgage broker. From this

Question:

A mortgage loan having a of $63,000 is arranged by a mortgage From this the deducted her fee of $3000. The mortgage is written at a contract rate of 8% compounded semiannually for a five-year term. Monthly payments are calculated on a 25-year amortization. What is the annual cost of borrowing, including the brokerage fee, expressed as an effective interest rate?
Broker
A broker is someone or something that acts as an intermediary third party, managing transactions between two other entities. A broker is a person or company authorized to buy and sell stocks or other investments. They are the ones responsible for... Face Value
Face value is a financial term used to describe the nominal or dollar value of a security, as stated by its issuer. For stocks, the face value is the original cost of the stock, as listed on the certificate. For bonds, it is the amount paid to the...