What would be the real cost of borrowing in the following case? A home equity loan is advertised at 3 percent compounded annually, however, there is a legal fee of $400 and appraisal fee of $450 to set up the house as collateral. If Sarah needs to borrow $20 000 for one year, at which time will be able to repay the full amount, what is the effective rate of borrowing the $20 000 for the year? 3.04% 4.25% 7.25% 7.29% Left:0:47:39 Navneet Kaur: Attempt 1 Question 21 (2 points) A stock was purchased at $53, sold exactly two years later at $55.50, and paid a $0.50 dividend per year. What was the holding period return on this investment? 5 percent 6 percent 7 percent 8 percent Question 22 (2 points) Margaret earns $4500 per month. After payroll deductions from the government, Margaret takes home 75 percent of her salary. Margaret wants to use a pay yourself first method and puts $400 into her savings account before spending anything and pays $300 towards her student loans. What is Margaret's saving rate? E hp 14 prt se dele 5 6 7 8 9 3 0 1/4 12 3/4