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The next four questions are related to your purchase of your first home for $600,000 You have just purchased the house and have put a 10% down payment, and will borrow the remaining amount. The 15-year feed rate loan has an Annual Percentage Rate (APR) of 3 875% You will make monthly payments for the We of the loan 01 Your effective annual interest rate is closest to which of the following? Select one a 3.885% Ob 39446% Oc3938% Od 3.875% 0.03.986% How much is your monthly payment? Select one a $2,000 to $2.500 Ob $3,000 to $3,500 C More than $3,500 Od 2,500 to $3.000 De Less than $2,000 Clear my choice Assume that you make payments for one year How much have you reduced the principal balance - that is the amount that you owe on the loan? tor Select one O a $15,000 to $20,000 b. More than $30,000 Oc. $20,000 to $25.000 Od $25,000 to $30,000 Oe Less than $15,000 7 After one year, how much have you paid in interest? utor Select one O a More than $25,000 ob $10,000 to $15,000 OC $20,000 to $25,000 Od $15,000 to $20,000 De Less than $10,000