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You decide to purchase a building for $30,000 by paying $5,000 down and assuming a mortgage of $25,000. The bank offers you a 15-year mortgage you to pay a 3 percnt loan origination fee, which will reduce the effective amount the bank lends to you. Compute the annual percentage rate of interest loan.

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Basic Finance, Finance

Category:- Basic Finance
Reference No.:- M9871666

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