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A borrower is offered a mortgage loan for $100,000 with an interest rate of 10% and a 30- year amortization period with monthly payments. The

A borrower is offered a mortgage loan for $100,000 with an interest rate of 10% and a 30- year amortization period with monthly payments. The origination fee is 1% of the loan and the lender charges two discount points. What is the effective interest rate? I think 2 points mean 2%. but not sure

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