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If you want to take out a 30 year, $250,000 mortgage at 5.5% with 2 points a.) Calculate your monthly principal and interest payment? b.)

If you want to take out a 30 year, $250,000 mortgage at 5.5% with 2 points

a.) Calculate your monthly principal and interest payment?

b.) What is the APR and EAR (actual/true/effective rate of interest) on the loan?

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