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All loans are 30-year fixed rate fully amortizing mortgages

You are considering three different loans to help you purchase a $200,000 house. You want to finance 80% of the house cost. All loans are 30-year fixed rate, fully amortizing mortgages that require monthly payments. Loan 1 has a 3.85% rate, a $5,000 loan fee, and 0 points. Loan 2 has a 3.95% rate, a $0 fee, and 3 points. Loan 3 has a 4.0% rate but no fees or points. What is the APR for each loan?

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Finance Basics: All loans are 30-year fixed rate fully amortizing mortgages

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