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#3. Consider a $150,000 loan with an annual interest rate of 6.5 percent and a 30-year term. Discount points are equal to 2 percent. All

#3. Consider a $150,000 loan with an annual interest rate of 6.5 percent and a 30-year term. Discount points are equal to 2 percent. All 3rd party up-front fees to be paid by the borrower total S3,000. What is the effective borrowing cost (EBC) assuming the loan remains outstanding to maturity

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