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You have just purchased the house and have put a 20% down payment, and will borrow the remaining amount. The 15-year fixed rate loan has

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You have just purchased the house and have put a 20% down payment, and will borrow the remaining amount. The 15-year fixed rate loan has an Annual Percentage Rate (APR) of 3.75%. You will make monthly payments for the life of the loan. Q4: Your effective interest rate is closest to which of the following? Select one: a. 3.687% b. 3.815% c. 3.750% d. 3.880% Q5. How much is your monthly payment

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