15 nts Print eferences 6 Two banks in the area offer 35-year, $190,000 mortgages at 4.9 percent and charge a $3,900 loan application fee. However, the application fee charged by Insecurity Bank and Trust is refundable if the loan application is denied, whereas that charged by I. M. Greedy and Sons Mortgage Bank is not. The current disclosure law requires that any fees that will be refunded if the applicant is rejected be included in calculating the APR, but this is not required with nonrefundable fees (presumably because refundable fees are part of the loan rather than a fee). What are the APRs on these two loans? What are the EARS on these two-loans? (Do not round intermediate calculations and round your final answers to 2 decimal places. (e.g., 32.16)) (Hint: go to about 48:00 in video 5b1.) EAR APR Insecurity Bank and Trust (Refundable) % 5.06 % I. M. Greedy and Sons Mortgage Bank (Not refundable) % %

Two banks in the area offer 35 -year, $190,000 mortgages at 4.9 percent and charge a $3.900 loan application fee. However, the application fee charged by Insecurity Bank and Trust is refundable if the loan application is denied. whereas that charged by I.M. Greedy and Sons Mortgage Bank is not. The current disclosure law requires that any fees that will be refunded if the applicant is rejected be included in calculating the APR. but this is not required with nonrefundable fees (presumably because refundable fees are part of the loan rather than a fee) What are the APRs on these two loans? What are the EARs on these two loans? (Do not round intermediate calculations and round your finol answers to 2 decimal places. (e.g. 32.16)) (Hint: go to about 48:00 in video 5 b1.)