E-Click loans will make a 30 year, fully amortizing mortgage loan with monthly payments, with either no points at an interest rate of 8% OR two points and an interest rate of 7.75% If you plan on borrowing $200,000, which loan provides the lowest effective interest rate if you are going to hold the loan for (a) 30 years and (b)7 years? Highlight your final answers 1st one 2nd one Interest rate 8% 7.75% Points 0.00 % 0.02 %