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On the following real estate mortgage loan, what is the best estimate of the effective borrowing cost if the loan is prepaid in 6 years?
On the following real estate mortgage loan, what is the best estimate of the effective borrowing cost if the loan is prepaid in 6 years?
Loan: $100,000 Interest rate: 7 % Term: 180 months Up-front costs: 7 % of loan amount
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