Given the following information about a fully amortizing loan, calculate the effective borrowing cost to the owner $($EBC$).$

Loan Amount: $$300,000\mathrm{.}00$

Loan Amortization Term: $30$ years

Interest Rate: $8\mathrm{.}00\%$ compounded monthly

Monthly Payment: $$-2,201\mathrm{.}29$

Discount Points: $4$

Other Closing Expenses: $$4,000\mathrm{.}00$

Assume the owner pays off the loan early at the end of year: $20$