An interest$-$only mortgage is made for $$89,000$ at $6$ percent interest for $10$ years. The lender and borrower agree that monthly payments will be constant and will require no loan amortization.

Required:

a$.$ What will the monthly payments be$?$

b$.$ What will be the loan balance after five years?

c$.$ If the loan is repaid after five years, what will be the yield to the lender?

d$.$ Instead of being repaid after five years, what will be the yield if the loan is repaid after $10$ years?