A loan used for buying a home is called a mortgage. The Lopez family is borrowing $250,000 to buy a home. They are taking out a 30-year mortgage. They consult interest rates at 2 different banks. Bank of America offers a 3% interest rate, while Wells Fargo offers an interest rate of 4%. What is the interest rate offered by Bank of America?
1) 2%
2) 3%
3) 4%
4) 5%
