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You are purchasing a townhome for $440,000. You are able to obtain a loan with an 85% loan-to-value ratio, a 3.25% interest rate, and 30-year

You are purchasing a townhome for $440,000. You are able to obtain a loan with an 85% loan-to-value ratio, a 3.25% interest rate, and 30-year amortization (compounded monthly). The effective borrowing cost The loan requires you to pay 1 point. You are able to determine that the effective borrowing cost for this loan is

[ Select ]

2.08

2.78

3.33

3.50

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