Question
Given the following information, calculate the effective borrowing cost (EBC): loan amount: $685,000; term: 30 years; interest rate: 4.5%; discount points: 1 point; third-party fees:
Given the following information, calculate the effective borrowing cost (EBC): loan amount: $685,000; term: 30 years; interest rate: 4.5%; discount points: 1 point; third-party fees: $6,250. Assume the loan is held until the end of year 3. PLEASE USE FINANCIAL CALCULATOR & SHOW KEYSTROKES
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Financial management theory and practice
Authors: Eugene F. Brigham and Michael C. Ehrhardt
12th Edition
978-0030243998, 30243998, 324422695, 978-0324422696
