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Mr. Bob White is offered a mortgage loan for $100,000 with an interest rate of 10% and a 30-year amortization period with monthly payments. The

Mr. Bob White is offered a mortgage loan for $100,000 with an interest rate of 10% and a 30-year amortization period with monthly payments. The origination fee is 1% of the loan and the lender charges two discount points. What is the effective interest rate for the lender?

 

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