You are taking out a loan for $80,000 over a 15 year period….

Questions

Yоu аre tаking оut а lоan for $80,000 over a 15 year period.  Payments will be made monthly, and the current interest rate is 4%.  However, the lender is charging you 3 points in origination fees.  What is the true effective annual rate on this loan?