Consider a 15 year loan for a $5,245,000 home at a LTV of 85%, three discount points, one origination point, and a 8% interest rate. If the APR of the loan is 8.68%, what would the APR be if the loan amount were reduced by $500,000? 1) 6.54% 2) 3.22% 3) 7.99% 4) 8.68%

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