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A $100,000 mortgage loan is taken out for 30 years at 3% interest rate. The loan origination fee is 3% of the face amount. What

A $100,000 mortgage loan is taken out for 30 years at 3% interest rate. The loan origination fee is 3% of the face amount. What is the effective interest rate?

A) 3.30%

B) 3.00%

C) 3.24%

D) None of the above

DO NOT COPY FROM CHEGG.

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