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Given the following information, calculate the effective borrowing cost (rounded to the nearest tenth of a percent). Loan amount: $169,000, Term: 30 years, Interest rate:

Given the following information, calculate the effective borrowing cost (rounded to the nearest tenth of a percent). Loan amount: $169,000, Term: 30 years, Interest rate: 8 %, Monthly Payment: $1,252.00, Discount points: 2, Other Closing Expenses: $3,456. Show your steps used in Excel.

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