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Sultan Real Estate development company made a fixed rate mortgage loan for TK 1000000 @12.00% for 10 years. Consider both the effects of the 2

Sultan Real Estate development company made a fixed rate mortgage loan for TK 1000000 @12.00% for 10 years. Consider both the effects of the 2 percent loan discount and 2 percent prepayment penalty on the outstanding loan balance; calculate effective interest rate, if the loan is paid off after 5th year

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