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CHAPTER 6 HOMEWORK Saved 1 10 points You are looking at a one-year loan of $18,500. The Interest rate is quoted as 8.3 percent plus four points. A point on a loan is 1 percent (one percentage point) of the loan amount Quotes similar to this one are common with home mortgages. The interest rate quotation in this example requires the borrower to pay four points to the lender up front and repay the loan later with 8.3 percent interest. What rate would you actually be paying here? (Do not round Intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) eBook Print Interest rate % References Prescott Bank offers you a five-year loan for $63,000 at an annual interest rate of 6.5 percent. What will your annual loan payment be? (Do not round Intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Annual loan payment