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A borrower takes out a 15-year mortgage loan (with monthly payments) for $200,000 with an interest rate of 3.00% The lender requires 3.0 points to

A borrower takes out a 15-year mortgage loan (with monthly payments) for $200,000 with an interest rate of 3.00% The lender requires 3.0 points to be paid at the time the loan is originated. What is the effective interest rate on the loan if the loan is carried for all 15 years?

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