A mortgage company advertises that their 6% APR is an effective annual rate of 6.58% with monthly

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A mortgage company advertises that their 6% APR is an effective annual rate of 6.58% with monthly payments and compounding. Let's assume this is made possible by paying points on a mortgage (one point is 1 % of the loan amount). How many points are being paid up front on a $100,000 mortgage loan over 15 years to arrive at an effective interest rate of 6.58%?
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Engineering Economy

ISBN: 978-0132554909

15th edition

Authors: William G. Sullivan, Elin M. Wicks, C. Patrick Koelling

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