The mortgage broker informed the Graduates that the major lenders would be willing to lend funds at 8% compounded annually. These would be interest only mortgages with a term of 10 years. The lender will not allow a debt coverage ration of less then 1.20. The lender required a debt yield ration of at least 10%. a. How much is the annual interest cost? (1 point) b. Are the lenders requirements for debt yield ratio satisfied? (2 points) c. Are the lenders requirements for debt coverage ratio satisfied? (2 points) PLease use formulas and not a financial calculator