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You want to borrow $300000 to start a business. The loan initial balance is increased by...

You want to borrow $300000 to start a business. The loan initial balance is increased by 2% of the loans face value(for loan originations fees, mortgage insurance,credit check,title searches etc) Your annual payments are calculated using an initial balance of $306000, an interest rate of 9% and a 20 year term. The bank requires you to refinance the loan in 5 years by paying it off with a balloon payment. what interest rate are you paying?

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