A bank has agreed to lend you $524,000 for a home loan. The loan will be fully amortized over 40 years at 5.33%, with .58 points. The loan payments will be monthly. The closing cost is estimated to be $2,579 and you plan to refinance the mortgage in 6 years. Calculate the actuarial rate.

a. 0.4620%

b. 1.4588%

c. 0.3776%

d. 0.7799%

e. None of the answers are correct