Using information from problem #$5,$ what is your effective borrowing cost $($EBC$),$ shown as a $\%,$ if you plan to move in $5$ years?

Situation: a lender is offering you a $$315,000-30-$year FRM at $4\mathrm{.}9\%.$

This is how you solve for monthly payment over life of loan:

$PV=315,000$

$I=\frac{4\mathrm{.}9}{12}$

$N=3012=360$ months

$FV=0(\frac{b}{c}$ fully amortizes$)$

$PMT=$$$1,671\mathrm{.}79$