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Given the following information, calculate the effective borrowing cost (rounded to the nearest tenth of a percent). Loan amount: $156,950 Term: 30 years Interest rate:

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Given the following information, calculate the effective borrowing cost (rounded to the nearest tenth of a percent). Loan amount: $156,950 Term: 30 years Interest rate: 8% Monthly Payment: $1,225.00 Discount points: 2 Other Closing Expenses: $3,811 O 8.5% 9.296 O 8.99 8.296

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