Question: A borrower signs a $100,000 mortgage note payable in equal monthly installments over 30 years, with an interest rate of 6% per annum on unpaid

A borrower signs a $100,000 mortgage note payable in equal monthly installments over 30 years, with an interest rate of 6% per annum on unpaid balance. The lender charges a loan origination fee equal to 3% of the face amount of the loan. What is the effective interest rate?

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