Assume the following loan amount 400,000; loan term, 30 years, annual contract interest rate. 3.5%; monthly payment, $1,769.18, total loan closing costs paid to lender, $7,000; total closing costs paid to third party service providers, $5,000. What will be the effective borrowing cost (EBC) if the borrower pre-pays the loan at end of year 67 O 3.67% None of the choices is within 0.05% of the correct answer O 3.85% 04.10% 5.98%