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A mortgage loan having a face value of $265,000 is arranged by a moetage broker

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A mortgage loan having a face value of $265,000 is arranged by a moetage broker. from this face value, the broker deducted a fee of $4,000. the mortgage is written at a amortage is writtrn at a contact rate of 3.2% compounded semiannually for a twenty-five year term, with monthly payment. what is the annual cost of borrowing, including the brokerage fee, expressed as an effective interest rate