13. Suppose you are considering an ARM with the following characteristics: Mortgage Amount = $300,000 Initial Contract Rate = 5.25% Interest Rate Caps = 2/6 Margin = 2.50 Index = 1-year TB Yield with a value at the outset of 5% Index value at the end of year one and constant for the remaining term = 6.25% Discount Points = 2 Term = 30 years Monthly Payments What is the APR for this loan? I would like to learn how to solve without using excel.