You buy a house worth $350,000 with 20% down payment and a 30-year mortgage on the remaining value. If your monthly payment is $1,500, what is the annual percentage rate (APR) for the mortgage?

You buy a house worth $350,000 with 20% down payment and a 30-year mortgage on the remaining value. If your monthly payment is $1,500, what is the effective annual rate (EAR) for the mortgage?

a. 4.98%; b.5.10%; c.6.12%; d.2.82%