Question 8 Jim has a 30-year fixed-rate mortgage on his home. His monthly payments are level and made at the end of the month. The total principal repaid during the 20th year of the loan is 3 times the total principal repaid during the fifth year. Find the annual effective interest rate for his mortgage. (A) 7.0% (B) 7.2% (C) 7.3% (D) 7.4% (E) 7.6% Question 8 Jim has a 30-year fixed-rate mortgage on his home. His monthly payments are level and made at the end of the month. The total principal repaid during the 20th year of the loan is 3 times the total principal repaid during the fifth year. Find the annual effective interest rate for his mortgage. (A) 7.0% (B) 7.2% (C) 7.3% (D) 7.4% (E) 7.6%