The banker quotes you a rate of "4.25% ,compounded monthly" on a mortgage loan of which calls for equal payments at the end of each month,

a. What nominal annual (NAR) is the bank charging?

b. What effective monthly (EMR) is the bank charging?

c. What effective annual rate (EAR) is the bank charging?

d. If you borrow $650,000 to purchase a house and the loan is for 30 years, how much will each payment be?

e. If you can afford to pay $2500 per month, how much can you borrow