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.

$90,000 mortgage loan amount.

$1,700 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.

What is APR = ????? ANSWER THIS!!!! NOT JUST HOW TO CALCULATE