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1. Consider the following options available to a mortgage borrower: Loan Amount Interest Rate (%) 6.35 Option 1 $150,000 Option 2 $120,000 6.42 Option 3

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1. Consider the following options available to a mortgage borrower: Loan Amount Interest Rate (%) 6.35 Option 1 $150,000 Option 2 $120,000 6.42 Option 3 $145,000 6.05 What is the effective annual rate for each option? Type of Mortgage 30-year fixed 30-year fixed 30-year fixed Discount Points 1 2 3

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