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Assume a 30-year, fully amortizing mortgage for $290,000 at a stated rate of 4.5% with 3 points at closing. What is the interest rate (Annual

Assume a 30-year, fully amortizing mortgage for $290,000 at a stated rate of 4.5% with 3 points at closing. What is the interest rate (Annual Percentage Rate which the lender must disclose) on the this loan? Ch4

a. 4.67 %

b. 5.91%

c. 4.50%

d. 4.76 %

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