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What is the formula you would use to answer this question?

What is the formula you would use to answer this question?  The book is confusing.  You are taking out a fully amortizing loan for $2,000,000 over 30 years. I can choose between a loan at 7% with 3 points and a loan at 7.5% with no points.  If you plan to sell the property after 5 years, which loan will give you the lower effective borrowing cost? 

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