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You borrow $100,000 to buy a home with a 15-year mortgage (monthly, level pay) at an interest rate of 7%. The bank charges a $750

You borrow $100,000 to buy a home with a 15-year mortgage (monthly, level pay) at an interest rate of 7%. The bank charges a $750 loan fee and the mortgage broker, who arranges the mortgage, charges 1 point which is 1% of the loan. In addition, an inspection costs $600. What is the annual monthly payment? After fees, what is the true, effective interest rate?

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