Question Completion Status: #2. EAR = 2.91% #2. EAR = 3.04% #2. EAR = 3.64% #3. save interest of approx. $7210 #3. save interest of approx. $8550 #3. save interest of approx. $9870 #3. save interest of approx. $6690 #4. save time by approx. a little less than a year #4. save time by approx. 2 years #4. save time by approx. 5 years #4. save time by approx. 10 years 0 PW Desktop Question Completion Status: THIS QUESTION HAS FOUR PROBLEMS. PLEASE SELECT FOUR ANSWERS FOR FULL POINTS. OTHERWISE, YOU WILL RECEIVE PARTIAL POINTS. You just acquired a mortgage in the amount of $500,000 at 0.25% per month interest. Equal payments are to be made at the end of each month for 15 years. #1. What is the annual percentage (APR) on this loan? *hint: first you will need to find total interest payments from the original loan schedule #2. What is the effective annual rate (EAR) on this loan? #3. If you paid $150 extra each month, how much can you save in interest payments compared to the original loan schedule? #4. And how much can you save in time? That is, by paying extra $150 extra each month, how many years faster can you finish paying your mortgage? #1. APR = 2.5% #1. APR = 3% #1. APR = 3.7% #1. APR = 4.2% #2. EAR= 4.82% #2. EAR = 2.91% 90 PM SAD 2204 Desktop NT OP ViewSonic