45. The effective cost of borrowing on a $1,000,000 loan with 2 points, 10% amortizing...
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45. The effective cost of borrowing on a $1,000,000 loan with 2 points, 10% amortizing over 25 years with monthly payments, and prepayment expected in 15 years with no prepayment penalty is: a. 10.29% b. 11.23% 2904
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