Question: please help, my answer is wrong. please show how to work out the problem as well A loan with the following terms is being made:

please help, my answer is wrong. please show how to work out the problem as well

A loan with the following terms is being made: Fixed rate, constant monthly payment. Closing date February 9 th. Flve percent interest rate. Prepaid interest due at closing. $70,000 mortgage loan amount. $1,500 loan discount points to be paid by the buyer/borrower to the lender. 25-year term, monthly payments, fully amortizing. Required: a. 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.)

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