2. You have just bought a new house for $360,000 and are taking out a mortgage for $288,000. Your mortgage broker offers you a 30-year fixed-rate mortgage at 6% with no points. a) What is your monthly payment with this mortgage?

b) Your mortgage broker also offers you a mortgage with 3 points and a 5.25% interest rate. What is your monthly payment on this option?

c) What is your effective annual yield in percentages on the mortgage with no points? d) Your mortgage broker also offers you a mortgage with 3 points and a 5.25% interest rate.