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Ann gets a fully amortizing 30-year fixed rate mortgage with quarterly payments for $1,000,000. The interest rate is 4%, compounded quarterly. She prepays the mortgage

Ann gets a fully amortizing 30-year fixed rate mortgage with quarterly payments for $1,000,000. The interest rate is 4%, compounded quarterly. She prepays the mortgage in 1 quarter (i.e. she makes the 1st payment and immediately prepays the remaining balance). What is Anns APR?

Notes: a quarter equals 3 months, one year consists of 4 quarters, APR is annual.

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