Given the following information, calculate the effective borrowing cost (EBC): loan amount: $180,000; term: 20...
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Given the following information, calculate the effective borrowing cost (EBC): loan amount: $180,000; term: 20 years; interest rate: 9%; payment: $1,505.59; discount points: 2 points; origination fee: $4,000. Assume the loan is held until the end of year 10.
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