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(Type B) A borrower takes out a fully amortizing 30-year mortgage loan for $200,000 with an interest rate of 6 percent and fees equal to

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(Type B) A borrower takes out a fully amortizing 30-year mortgage loan for $200,000 with an interest rate of 6 percent and fees equal to 5% of the loan. What is the effective (nominal) annual interest rate on the loan if the loan is carried for all 30 years? (Note: Please include four decimal places in your calculation.)

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