Question: Given the following information, calculate the effective borrowing cost (rounded to the nearest tenth of a percent). Loan amount: $145,000 Term: 15 years, Interest rate:

Given the following information, calculate the effective borrowing cost (rounded to the nearest tenth of a percent). Loan amount: $145,000 Term: 15 years, Interest rate: 6.25%, Monthly Payment: $1,243.26, Discount points: $2,800 and Other Closing Expenses: $4,611. show work

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