Question: 5 4 points eBook Print Check my work Problem 8-1 A loan with the following terms is being made: Fixed rate, constant monthly payment.

5 4 points eBook Print Check my work Problem 8-1 A loan

5 4 points eBook Print Check my work Problem 8-1 A loan with the following terms is being made: Fixed rate, constant monthly payment. Closing date February 9th. Five percent interest rate. Prepaid interest due at closing. $75,000 mortgage loan amount. $1,550 loan discount points to be paid by the buyer or borrower to the lender. 25-year term, monthly payments, fully amortizing. Required: Calculate the APR for federal truth-in-lending purposes. (Do not round intermediate calculations. Round your final answer to the nearest one-quarter of a percent.) Important Note from Your Instructor: Do NOT round your final answer to the nearest one-quarter of a percent. This issue has been reported to MH, but it may not be in effect by the start of the term. References APR %

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