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Calculate the equity dividend rate using the following information: First year NOI: $ 8 9 , 1 0 0 Price of the property: $ 1

Calculate the equity dividend rate using the following information:
First year NOI: $89,100
Price of the property: $1,056,000
Mortgage terms: Loan to value ratio =75%,30 year term, 6.5% contract rate, up-front fees of 3% of loan amount (assume monthly payment and monthly compounding)
(Round your answer to two decimal places. If you calculate equity dividend rate as 11.56%, report it as 11.56)
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