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. What is effective monthly rate (EFF%m)?

Question 6 options:

A) 0.0049%

B) 0.49%

C) 0.51%

D) 0.0059%