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A loan with the following terms is being made: Fixed rate, constant monthly payment. Closing date February 9th. Five percent interest rate. Prepaid interest due

A loan with the following terms is being made: Fixed rate, constant monthly payment. Closing date February 9th. Five percent interest rate. Prepaid interest due at closing. $90,000 mortgage loan amount. $1,700 loan discount points to be paid by the buyer or borrower to the lender. 30-year term, monthly payments, fully amortizing. Required: Calculate the APR for federal truth-in-lending purposes

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