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Assume you are borrowing $500,000 via a 30-year fixed rate mortgage loan, payable monthly at 6.25% annual interest rate. You must also pay two (2)

Assume you are borrowing $500,000 via a 30-year fixed rate mortgage loan, payable monthly at 6.25% annual interest rate. You must also pay two (2) points. What is the effective interest rate?

Group of answer choices

6.34%

6.54%

6.64%

6.44%

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