A mortgage banker is originating a level-payment mortgage with the following terms: Annual interest rate: 6 percent Loan term: 25 years Payment frequency: monthly Loan amount: $275,000 Total up-front financing costs (including discount points): $6,000 Discount points to lender: $3,000 Calculate the effective borrowing costs with prepayment at the end of seven years. Excel a) 6.1% b) 6.2% c) 6.3% Discount points to lender: $3,000 Calculate the effective borrowing costs with prepayment at the end of seve Excel a) 6.1% b) 6.2% c) 6.3% d) 6.4%