JUST DO QUESTION 2 and 3, not 1. The answer to one is 4% I believe.

1. 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 1^st 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.

2. Modify question 1: At the moment when Ann signs the mortgage, she must pay an origination fee that equals 2 points. Everything else stays the same, and she still prepays the mortgage in 1 quarter. What is Anns APR?

3. Modify question 2: There is still an origination fee of 2 points, but now Ann decides to keep the mortgage for the whole term, i.e. she no longer plans to prepay it. What is Anns APR?