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The credit union offered Zach a $200,000, 10-year loan at a 3.625% APR. Should Zach purchase 1 point or no points? Each point lowers the

The credit union offered Zach a $200,000, 10-year loan at a 3.625% APR.

Should Zach purchase 1 point or no points? Each point lowers the APR by 0.125% and costs 1% of the loan amount. Justify your reasoning.

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