“A borrower takes a $300,000 loan with fixed rate of 4% amortized with monthly payments over 30 year

“A borrower takes a $300,000 loan with fixed rate of 4% amortized with monthly payments over 30 years. There are prepaid finance charges of 1 point on the loan amount plus $1,500. Calculate the APR. [Format Answer as a percentage – X.XX]”