a Q6) Suppose you have just spoken to a bank about borrowing $100000 to purchase a house, and the loan officer has told you that a $100000 loan, to be repaid in monthly installments over 15 years with an interest rate of 0.6% per month, could be arranged. If the bank charges a loan initiation fee of $600, a house inspection fee of $400, and one percent of the nominal loan of 100000, what is the effective annual interest rate of the loan being offered