1. Compute the required monthly payment on a $200,000, 25-year fixed-rate mortgage with a nominal interest rate of 6%. 2. Consider a 25-year fixed-rate mortgage for $600,000 at a nominal rate of 8%. What is the difference in required payments between a monthly payment and a bimonthly payment (payments made twice a month)? 3. Consider the following options available to a mortgage borrower: Loan Amount Option 1 $150,000 Option 2 $120,000 Option 3 $145,000 Interest Rate (%) Type of Mortgage Discount Points 6.35 30-year fixed I 6.42 30-year fixed 2 6.05 30-year fixed 3 What is the effective annual rate for each option?