Bonus (5 points): Some lenders charce an up-front fee on a loan, which is added to what the borrower owes. This is typically described as "points" (where one point equals 19% of the oan amount). The federal government requires that this be accounted for in the Annual Percentage Rate, APR that discoses the loan's cost A 30-year mortgage for $220,000 has monthly payments at a 6% nominal annual rate. If a oower's loan origination fee is 3 % ( 3 points) and it is added to the initial balance, what is the true effective cost of the loan? (What would the APR be?)