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Suppose a lender offers you a 15-year monthly payment mortgage for $120,000 at 6 percent with two discount points. (1) What is the monthly

Suppose a lender offers you a 15-year monthly payment mortgage for $120,000 at 6 percent with two discount points. (1) What is the monthly payment? (2) What is APR? (3) What is the effective cost if the loan is repaid at the end of year 8?

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