Williams wants to buy a property for $$125,000$ and wants an $80$ percent loan for $$100,000.$ A

lender indicates that a fully amortizing loan can be obtained for $30$ years $(360$ months$)$ at $5$

percent interest; however, a loan fee of $$5,100$ will also be necessary for Williams to obtain

the loan.

a$.$ How much will the lender actually disburse?

b$.$ What is the APR $($annualized interest rate$)$ for the borrower, assuming that the

mortgage is paid off after $30$ years $($full term$)?$

c$.$ If Williams pays off the loan after five years, what is the effective interest rate? $($Use

Excel to compute the monthly interest rate$)$