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Terry takes out a 3 0 year mortgage loan for 2 0 0 , 0 0 0 dollars with an interest rate of 6 .

Terry takes out a

30

year mortgage loan for

200, 000

dollars with an interest rate of

6.5

percent plus

3

points. what is the effective annual interest rate on terrys loan if the loan is carried for all

30

years

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