48-Given the following information, calculate the effective borrowing cost (rounded to the nearest tenth of a percent).

Loan amount: $250,000

Term: 15 years

Interest rate: 8%

Monthly Payment: $2,389

Discount points: 3

Other Closing Expenses: $8,500

Group of answer choices

A)8.5%

B)7.7%

C)8.2%

D)9.1%