Question: I need detailed answer with steps please Given the following information, calculate the effective borrowing cost (rounded to the nearest tenth of a percent). Loan

I need detailed answer with steps please

Given the following information, calculate the effective borrowing cost (rounded to the nearest tenth of a percent). Loan amount: $166,950, Term: 30 years, Interest rate: 8 %, Monthly Payment: $1,225.00, Discount points: 2, Other Closing Expenses: $3,611.

A. 7.7%

B. 8.2%

C. 8.5%

D. 9.1%

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