A mortgage company was quoting you a rate of 3.5% for a fully amortizing 30-year, $400,000 loan with 2 points paid up front (to be taken out of the loan proceeds). Assume you planned to stay in the property for only five years, what would be your effective annual percentage rate (APR) on this loan? Hint: you need to use both a Present Value and Future Value to calculate properly."

Please answer with excel and show the formula

		a. 3.5%
		b. 3.66%
		c. 3.96%
		d. Not enough information to answer