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a borrower takes out a 15 year mortgage loan for 100,000 with an interest rate of...

a borrower takes out a 15 year mortgage loan for 100,000 with an interest rate of 5% plus 3 points. what is the effective annual interest rate on the loan if the loan is carried 7 years.

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SEE THE IMAGE. ANY DOUBTS, FEEL FREE TO ASK. THUMBS UP PLEASE

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