A bank makes a loan with the following characteristics: monthly payments for 10 years, with an APR of 6%. The amount loaned is $200,000. What is the duration of the loan? What is the expected change in loan value if the interest rate decreases by 1 percentage point immediately after approving the loan. Choose the closest answer below.

5.32 years; -$10,037

3.21 years; $6,056

4.55 years; -$8,577

6.74 years; $12,716