Question $24$

$1$ pts

Consider a $25-$year loan with an annual interest rate of $7$ percent and monthly payments of $$1,300\mathrm{.}48.$ The discount points charged by the lender at origination are $3$ percent and the cost of borrower title insurance and mortgage insurance are, respectively, $0\mathrm{.}5$ percent and $2\mathrm{.}0$ percent of the loan amount. Additional fees paid to other third parties $($i$.$e$.,$ not the lender$)$ will equal $$4,000.$ What is the effective borrowing cost $($EBC$)?$

ANSWER AS A PERCENTAGE WITH TWO DECIMALS

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Ouestion $25$