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A couple purchases a home for $200,000. In order to finance this purchase, they wish to secure an 80% LTV ratio loan for fifteen years

A couple purchases a home for $200,000. In order to finance this purchase, they wish to secure an 80% LTV ratio loan for fifteen years at 4% with 4 points. Payments are monthly. Calculate the effective interest percent, assuming the loan is help at maturity. (Show work).

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