Given the following information, calculate the effective borrowing cost (EBC): loan amount: $682,000; term: 30 years; interest rate: 3.875%; discount points: 1.5 point; additional upfront fees for the lender: $4,521; third-party fees (not to the lender): $6,344.75. Assume the loan is held until the end of year 3. Show work in excel.