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A borrower takes out a 30-year mortgage loan for $1,000,000, with monthly payments andan annual interest rate of 4.75%plus 4points.what is the effective annual interest

A borrower takes out a 30-year mortgage loan for $1,000,000, with monthly payments andan annual interest rate of 4.75%plus 4points.what is the effective annual interest rate (APR)of theloan, if it is carried for all 30 years?

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