1. You are considering purchasing a small commercial property for $2,000,000. A bank has offered you two different loan options, the first would require a down payment of 30% and would have an interest rate of 4.0%. The second option would require a downpayment of only 20%, but the interest rate would rise to 5.5%. Both loans would have 25 year terms. After determining your monthly payment for each, calculate how much you are effectively paying (solving for RATE) for the additional $200,000 being borrowed under the 20% downpayment option.
   1. 15.17%
   2. 9.92%
   3. 9.75%
   4. 14.18%