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What is the effective cost of a combination of an 80% mortgage at 3.5% and a second mortgage (for 10% of the purchase price) at
What is the effective cost of a combination of an 80% mortgage at 3.5% and a second mortgage (for 10% of the purchase price) at 4.5%? Both mortgages carry a 30-year term and have no points/closing costs.
Please input your answer as an annual interest rate (i.e. 8.32% would be input as 8.32).
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