What is the effective apr, Finance Basics

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What is the effective apr

Problem

Suppose you want to borrow $350000 to purchase a house. The loan has a term of 30 years and a nominal rate of 6% with monthly payments. The first payment is due one month from today. Suppose you pay 4% in origination fees at closing. What is the effective APR?

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Finance Basics: What is the effective apr

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