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You have been offered a 30-year mortgage at 6.00% for $300,000. The original loan to value is 90% and thus the loan requires PMI. The

You have been offered a 30-year mortgage at 6.00% for $300,000. The original loan to value is 90% and thus the loan requires PMI. The loan requires PMI payments of $120 per month for 100 payments. What is the effective interest rate on this loan if paid over the 30-year period?

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