A homeowner purchases a property for $1,000,000. She finances the purchase with an 80% LTV, 30-year fully amortizing graduated payment mortgage (GPM) carrying a 10% interest rate. A 20% rate of graduation will be applied to monthly payments beginning year 3 and the beginning of year 5, only (so, fixed for two two-year periods and then fixed for all years 5, 6, 7, ). She will sell the home in year 6. What is the APR for the loan if the Reg-Z fees are 3% plus $10,000?