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 20-year fixed rate loan has an Annual Percentage Rate (APR) of 3.125%. You will make monthly payments for the life of the loan. Q1: Your effective annual interest rate is closest to which of the following? Select one: O a. 3.170% Ob. 3.0675% OC. 3.081% O d. 3.125% O e. 3.0147% How much is your monthly payment? 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? Select one: O a $5,000 to $10,000 O b. Less than $5,000 O c. $10,000 to $15,000 O d. More than $20,000 O e. $15,000 to $20,000 After one year, how much have you paid in interest