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ou took out a fixed interest rate mortgage loan with an initial loan balance of $260,000, an annual nominal interest rate of 3.30%, and monthly

ou took out a fixed interest rate mortgage loan with an initial loan balance of $260,000, an annual nominal interest rate of 3.30%, and monthly payments based on a 30-year amortization schedule. Your mortgage lender charged a loan origination fee of $1,150 at closing. Assuming the loan is outstanding for the full term, what is the estimate for the annual effective cost of borrowing.

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