Assume a $250,000 mortgage loan with 15 year term. The lender is charging an annual interest rate of 8% and three discount points at origination as well as $1,000 in other up-front financing charges. What is the effective borrowing cost on the loan? (Assume no prepayment) Please show steps on how to do in on the calculator.

In terms of the "great wheel of science", statistics are central to the research process (a) only between the hypothesis phase and the observation phase (b) only between the observation phase and the empirical generalization phase (c) only between the theory phase and the hypothesis phase (d) only between the empirical generalization phase and the theory phase