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Question 4. You have taken a $250,000, MONTHLY Payment 20-year mortgage which requires the payment of two (2) points at the mortgage close. $250,000 3.25%

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Question 4. You have taken a $250,000, MONTHLY Payment 20-year mortgage which requires the payment of two (2) points at the mortgage close. $250,000 3.25% Mortgage principal Interest rate Mortgage term (years) Monthly Payments Points 20 12 2 a. What is the Monthly payment on this 20-year mortgage? b. What is the effective annual interest rate on this 20-year mortgage

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