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You are needing $200,000 in financing to buy a home. Two loans are being offered...

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Accounting

You are needing $200,000 in financing to buy a home. Two loans are being offered by your bank, both for 30 year terms.

$175,000 at 6%

$25,000 at 8%

What is the effective interest rate for the $200,000 if you accept this package?

  • 6.93%

  • 7.14%

  • 6.26%

  • 7.56%

Answer & Explanation Solved by verified expert
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