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1. (APR and EAIR) Your local bank has offered you a mortgage of $100,000. There are no points, no origination fees, and no extra initial

1. (APR and EAIR) Your local bank has offered you a mortgage of $100,000. There are no points, no origination fees, and no extra initial costs (mean- ing: you get the full $100,000). The mortgage is to be paid back over 10 years in monthly payments, and the bank charges 12% annual interest computed monthly (1%, this rate is "stated" or APR). Calculate the monthly mortgage payments. What is the mortgage EAIR? a. b

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