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You borrow $600,000 from your local bank to buy a home. The loan is a standard CPM loan. The loan is for 30 years, the

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You borrow $600,000 from your local bank to buy a home. The loan is a standard CPM loan. The loan is for 30 years, the annual interest rate is 5%, and the loan has monthly compounding. In addition, the bank charges an origination fee of 3 points. There is no balloon on this loan. Given the points, what is the APY of the loan? Place the number only in the answer box. Canvas cannot read "$" or "%" signs. Please take the decimal places 4 places to the right, XX.XXXX

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