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Assume a 30 year fixed rate, fully amortizing mortgage for $280,000 at a stated rate of 5% with monthly payments and WITH 3 POINTS at

Assume a 30 year fixed rate, fully amortizing mortgage for $280,000 at a stated rate of 5% with monthly payments and WITH 3 POINTS at closing. What is the interest rate (Annual Percentage Rate which the lender must disclose) on the loan? (Hint: using full 30 year, 360 periods)

a. 5.18 %

b. 7.00 %

c. 5.27 %

d. 5.00 %

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