work 12 Question 7 fof 8) You are looking at a one-year loan of $17,500. The interest rate is quoted as 7.5 percent plus three points A point on a loan is simply 1 percent are very common with home mortgages. The interest rate quotation in this example requires the borrower to pay three points to the lender up front and repay the loan later with 7 5 percent interest (one percentage point) of the loan amount Quotes similar to this one What rate would you actualy be paying here? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g.. 32.16) interest rate %; What is the EAR for a one-year loan with a quoted interest rate of 10.5 percent plus two pointa? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimial places e.g, 32.16.) Is your answer affected by the loan amount? O No O Yes O Type here to search