You are looking at a one-year loan of $15,000. The interest rate is quoted as 11 percent plus 2 points. A point on a loan is simply 1 percent (one percentage point) of the loan amount Quotes similar to this one are common with home mortgages. The interest rate quotation in this example requires the borrower to pay 2 points to the lender up front and repay the loan later with 11 percent interest What rate would you actually be paying here? Multiple Choice 14.59% 11.00% 13.27%