What is the effective cost to the borrower on a $400,000 loan at 6.00 percent...
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What is the effective cost to the borrower on a $400,000 loan at 6.00 percent interest, with monthly payments amortized over 20 years if the lender charges 2 points at origination and the borrower will incur $5,300 in third party loan costs. Assume the loan is outstanding for the full loan term which is five years?
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