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The Richardson family is looking for a $500,000 mortgage. The bank he chooses has a loan rate of 5%, 1 point, and fees of $3,000.

The Richardson family is looking for a $500,000 mortgage. The bank he chooses has a loan rate of 5%, 1 point, and fees of $3,000. They want you to calculate the APR on the loan.

Please do in excel and show steps. Thank you.

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