Mortgages have an APR (annual percentage rate - a stated rate) of 3.36% on fixed-interest-rate loans. Payments and compounding are monthly.

The periodic (effective) monthly rate is

Select one: A. .0021 B. .0024 C. .0028 D. .0032 E. .0038 F. .0041 G. .0048

You decide that you can afford monthly payments of $3,400 and wish to take out a 15-year, fixed-rate mortage. Assume that fees are included in the loan. You can borrow

Select one: A. 49,875.50 B. 218,997.72 C. 480,207.50 D. 510,934.98 E. 593,584.18 F. 610,451.82 G. 717,992.45