A mortgage loan in the amount of $100,000 is made at 12 percent interest for 20 years. Payments are to be monthly for each part of this problem. a. What will monthly payments be if: (a) The loan is fully amortized? (b) It is partially amortizing and a balloon payment of $50,000 is scheduled at the end of year 20. (c) It is an interest-only loan

The lender charges 3 percent to close the loans in parts an (a) through a (c). What would be the APR for each?