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Posted on Aug 04, 2024

You borrow a $ 2 , 0 0 0 , 0 0 0 conventional loan with a 1 5 year amortization, 6 % interest rate

You borrow a $

2, 000, 000

conventional loan with a

15

year amortization,

6 %

interest rate and monthly payments. The bank requires you to pay

2

points at closing. What is your effective interest rate?

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