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!please show how to do on financial calculator! Given the following information, calculate the effective borrowing cost (rounded to the nearest tenth of a percent).

!please show how to do on financial calculator! image text in transcribed
Given the following information, calculate the effective borrowing cost (rounded to the nearest tenth of a percent). Loon amount $166.950 Term: 30 years Interest rate: 8% Monthly Payment: $1,225,00 Discount points: 2 Other Closing Expenses: $3,611 Mutiple Choice 823 ess 9n

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