Question: Please keep 2 decimal points for your answers, except for rates. For rates, please keep 4 decimal points (e.g., 0.1234). You will take out a

Please keep 2 decimal points for your answers, except for rates. For rates, please keep 4 decimal points (e.g., 0.1234).

You will take out a loan to buy a new house that costs $100,000. Your loan officer at Brown Community Bank informs you that the monthly payment on your 15-year loan will be $1,500. What is the annual percentage rate (APR) on this loan? Please keep 4 decimal points (e.g., 0.1234)

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