a 20-year loan is being negotiated with a bank.$50000 is to be borrowed at 8% interest compounded quarterly with mortgage payments to be made at the end of each quarter over a 20-year period. to obtain the loan the borrower must pay " 2 points" at the time they take out the loan. this means the borrower must pay 2% of $50000 or a $1000 fee at time zero to obtain the $50000 loan. determine the annual percentage rate (APR) the investor is paying on the loan.

Thanks for your help. no excel please