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3. Fixed-rate Mortgage Assume the following mortgage loan:Loan Amount $100,000; Interest rate: 10 percent annually; Term: 15 years; fixed monthly payments(6 points ) (a) What

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3. Fixed-rate Mortgage Assume the following mortgage loan:Loan Amount $100,000; Interest rate: 10 percent annually; Term: 15 years; fixed monthly payments(6 points ) (a) What is each monthly payment? (b) What will be the loan balance at the end of nine years? (c) What is the effective borrowing cost on the loan if the lender charges 3-point fee at origination and the loan goes to maturity

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