Item$4$

$5\mathrm{.}88$

points

eBook References Check my work Check My Work button is now enabled $1$ Item $4$

You have just borrowed $$240,000$ to buy a condo. You will repay the loan in equal monthly payments of $$3,160\mathrm{.}29$ over the next $20$ years.

What monthly interest rate are you paying on the loan?

Note: Do not round intermediate calculations. Enter your answer as a percent rounded to $2$ decimal places.

What is the APR?

Note: Do not round intermediate calculations. Enter your answer as a percent rounded to $2$ decimal places.

What is the effective annual rate on that loan?

Note: Do not round intermediate calculations. Enter your answer as a percent rounded to $2$ decimal places.

What rate is the lender more likely to quote on the loan?