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7 A borrower wishes to finance a house. If the borrower decides to buy 1.0 points and the loan amount is $251,000 with a 4.85

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7 A borrower wishes to finance a house. If the borrower decides to buy 1.0 points and the loan amount is $251,000 with a 4.85 percent annual nominal interest rate, financed for 25 years with monthly payments, calculate the effective interest rate charged on the loan

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