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 Interest Rate(%) Type of Mortgage Discount Points Option 1 S150,000 6.35 30-year fixed Option 2 $120,000 30-year fixed Option 3 S145,000 30-year fixed What is the effective annual rate for each option? 1 6.42 2 6.05 3