An interest$-$only mortgage is made for $$88,000$ at $6$ percent interest for $10$ years. The lender and borrower agree that monthly payments will be constant and will require no loan amortization $($i$.$e$.,$ it's an interest only loan or zero amortizing loan$).$

Required:

What will the monthly payments be$?$

What will be the loan balance after five years?

If the loan is repaid after five years, what will be the yield $($effective interest rate$)$ to the lender?

Instead of being repaid after five years, what will be the yield $($effective interest rate$)$ if the loan is repaid after $10$ years?