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A borrower takes out a 20-year mortgage for $500,000 with an interest rate of 6%. The...

A borrower takes out a 20-year mortgage for $500,000 with an interest rate of 6%. The loan requires monthly payments and has a 3% fee if the loan is repaid within 10 years. What is the effective interest rate on the loan if the borrower repays the loan after 72 payments?

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