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Calculate the borrower's annual effective cost given the following information: Loan amount: $166,950; Term: 30 years; Annual interest rate: 8%; Monthly Payment: $1,225; Origination cost:
Calculate the borrower's annual effective cost given the following information: Loan amount: $166,950; Term: 30 years; Annual interest rate: 8%; Monthly Payment: $1,225; Origination cost: $5,008.5; Loan will be held for the entire term.
Group of answer choices
8.3236%
10.1111%
6.5236%
8.5236%
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