Consider a $5,000,000, 8.5%, 30-year mortgage with monthly payments, and expected realistic prepayment horizon of 7 years. What is the contractual yield (effective interest rate) at issuance over the expected life of the loan under the following circumstances:

(a) No points or penalties (b) One point of disbursement discount (c) Three points of disbursement discount (d) Three points of disbursement discount plus one point of prepayment penalty.