You have just borrowed $230,000 to buy a condo. You will repay the loan in equal monthly payments of $2,422.42 over the next 25 years.

Note: Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.

1. What monthly interest rate are you paying on the loan?

2. What is the APR?

3. What is the effective annual rate on that loan?

4. What rate is the lender more likely to quote on the loan?