Suppose, a homeowner borrows $100,000 on a mortgage loan, and the loan is to be repaid with equal monthly payments over a 25-year period. The lender charges 6%, compounded semi-annually. The mortgage term is 5 fixed. What is effective monthly rate (EFF %m)? 0.0049% 0.51% 0.49% 0.0059% years Question 7 (1 point) Suppose, a homeowner borrows $100,000 on a mortgage loan, and the loan is to be repaid with equal monthly payments over a 25-year period. The lender charges 6%, compounded semi-annually. The mortgage term is 5 years fixed. If the homeowner borrows $200,000 on the mortgage loan, what will be effective monthly rate (EFF %m)? 0.51% 0.49% 0.0059%