You can choose from these two 30-year, fully-amortizing mortgages: (1) a $70,000, 5% annual rate and (2) an $80,000 5.5% annual rate. Assuming that you will pay off the mortgage after 10 years, what is the effective annual rate on the additional $10,000 borrowed? Calculate a number to the nearest 2 decimal places (e.g., 7.45) (ch 6 slides 14 - 16)