Question: The answer is 7.4% but please show how to get the answer on a financial calculator using TVM. Label steps so its easy to follow

The answer is 7.4% but please show how to get the answer on a financial calculator using TVM. Label steps so its easy to follow too pls. Will give thumbs up

The answer is 7.4% but please show how to get the answer

Given the following information, calculate the Effective Borrowing Cost (EBC). Loan amount: $175,000 Term: 30 years Interest rate: 7% Payment: $1,164.28 Discount points: 1 point Origination fee: $3,250 Assume the loan is held until the end of year 10. a) 0.6% b) 3.8% c) 7.0% d) 7.4%

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