Question: Given the following information, calculate the Effective Borrowing Cost ( EBC ) . Loan amount: $ 5 7 5 , 0 0 0 Term: 3

Given the following information, calculate the Effective Borrowing Cost (EBC).
Loan amount: $575,000
Term: 30 years
Interest rate: 7.5%
Discount points: 1.5 point
Other financing fee: $6,250
Assume the loan is held until the end of year 3.

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