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Q 5 You buy a home for $ 1 9 1 , 3 9 2 and put $ 1 0 , 1 0 8 down.

Q5 You buy a home for $191,392 and put $10,108 down. You borrow the remainder. The mortgage company also charges a 3% loan and closing fee which you must also borrow. The interest rate is 9.5% for 30 years. What is the actual APY (the actual interest rate they will have paid)?

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