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Given the Following Information,calculate the Effective Borrowing Cost (EBC)

Question 19

Multiple Choice

Given the following information,calculate the effective borrowing cost (EBC) .Loan amount: $166,950,Term: 30 years,Interest rate: 8 %,Payment: $1,225.00,Discount points: 2,Other Closing Expenses: $3,611.


A) 7.7%
B) 8.2%
C) 8.5%
D) 9.1%

Correct Answer:

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