.A loan with the following terms is being made:

Fixed rate, constant monthly payment. Closing date March 9^th.

8% interest rate. Prepaid interest due at the closing.

$80,000 mortgage loan amount

$1,500 loan discount payments to be paid by the buyer/borrower to the lender.

25-year term, monthly payment, fully amortizing.

a. Calculate the APR for federal truth-in-lending purposes.