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Sortower takes out a 30-year mortgage loan for $250,000 with an interest rate of 3.95 plus 3 points. What is the effective annual interest rate

Sortower takes out a 30-year mortgage loan for $250,000 with an interest rate of 3.95 plus 3 points. What is the effective annual interest rate on the loan? 30 yoars? 4.1% 6.9% 3.9% 2.6% 3.1\%

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