Question: 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:

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 7.7% 8.2% 8.5% 09.1%

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