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38. Question A local mortgage broker has arranged a mortgage in the amount of $240,000. The borrower has agreed to pay a brokerage fee of $8,999.82 which is to be added to the loan amount, giving a face value of $248,999.82 for the loan. The mortgage bears interest at a contract rate of 18% per annum, compounded quarterly. The mortgage has a term and amortization period of 25 years. The loan is to be repaid using monthly payments. The equivalent periodic interest rate, expressed as a rate per month on the funds advanced is: 1. 1.53649446786% 2. 1.42140087486% 3. 1.50410643789% 4. 1.67322516185% and anything new to