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Your parents are moving to Florida and are considering taking out a 30 -year mortgage loan for $100,000 with an interest rate of 6 percent

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Your parents are moving to Florida and are considering taking out a 30 -year mortgage loan for $100,000 with an interest rate of 6 percent plus 4 poinits. Your mother asked you to calculate the effective annual interest rate on the loan if the loan is carried for all 30 years? 6.4% 6.0% 5.6% 6.6%

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