Kirsten pays back her mortgage in 180 payments by making a payment each month. At the end of a $139,000 mortgage she paid $57,555 towards interest. What is the loan's APR?

APR = 2nf / P(N+1)

A. 1.4%
B. 4.1%
C. 4.9%
D. 5.5%

Q&A Education