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You are considering a $300,000 25 year FA mortgage with a contract rate of 4.0%.To get this loan, the lender charged you $1,200 plus 1.5%

You are considering a $300,000 25 year FA mortgage with a contract rate of 4.0%.To get this loan, the lender charged you $1,200 plus 1.5% in fees. If you intend to repay the loan in 6 years, what is your effective cost of borrowing?

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