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You need a 3 0 - year, fixed - rate mortgage for $ 1 0 0 , 0 0 0 with monthly payments. One lender

You need a 30-year, fixed-rate mortgage for $100,000 with monthly payments. One lender offers 8.5% with no discount points, while another offers 8% with some points. How many points need to be charged on the second loan to give both loans the same nominal yield? Assume no other fees are charged on either loan.

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