Your local bank has offered you a 20-year, $100,000 mortgag. The bank is charging 1.5 points when the loan is given. Payments on the mortgage are semi-annual and are based on a 10% annual interest rate on the full amount of the mortgage. 1 2 3 Part A. Calculate the semi-annual mortgage payment 4 Mortgage principal 100,000 5 "Points" 1.50% 6 Quoted interest 10% 7 Mortgate term (years) 20 8 semi-annual payment 9 10 Part B. Compute the EAIR (if you need intermediate steps to calculate EAIR, use the space in this worksheet to show all your work 11 semi-annual rate 12 Effective annual interest rate 13 Your local bank has offered you a 20-year, $100,000 mortgag. The bank is charging 1.5 points when the loan is given. Payments on the mortgage are semi-annual and are based on a 10% annual interest rate on the full amount of the mortgage. 1 2 3 Part A. Calculate the semi-annual mortgage payment 4 Mortgage principal 100,000 5 "Points" 1.50% 6 Quoted interest 10% 7 Mortgate term (years) 20 8 semi-annual payment 9 10 Part B. Compute the EAIR (if you need intermediate steps to calculate EAIR, use the space in this worksheet to show all your work 11 semi-annual rate 12 Effective annual interest rate 13