Consider the following advertisement seeking to sell a beachfront condominium at SunDestin, Florida. 5% Down Payment. Own a Gulf-Front Condominium for only $100, 000 with a 30-year variable-rate mortgage. We're providing incredible terms: $95,000 mortgage (30 years), year 1 at 8.125%, year 2 at 10.125%, year 3 at 12.125%, and years 4 through 30 at 13.125%. Compute the monthly payments for each year. Calculate the total interest paid over the life of the loan. Determine the equivalent single-effective annual interest rate for the loan