15. The mortgage lender originates your loan as a level-payment mortgage with the following terms: Annual interest rate: Loan term: Payment frequency: Loan amount: Total up-front financing costs (including discount costs) Discount points to lender: 4 percent 15 years Monthly $300,000 $ 4,500 $ 2,000 a. b. c. d. Calculate the annual percentage rate (APR) for Truth-in-Lending purposes. Calculate the lender's yield with no prepayment. Calculate the lender's yield with prepayment in five years. Calculate the effective borrowing costs (EFC) with prepayment in five years. Remember: The first step is to solve for the payment. 16. The following assumptions: Loan Amount: $200,000 Interest Rate: 10 percent annually Term: 15 years, monthly payments Find the monthly payment. What will be the loan balance at the end of seven years? What is the effective borrowing cost on the loan if the lender charges 4 points at origination and the loan goes to maturity? d. What is the effective borrowing cost on the loan if the lender charges 4 point at origination and the loan is prepaid at the end of year 9? b. c. a. 17. For a 30 year loan with a face value of $2,250,000, 5 percent annual interest, and monthly payments, find the monthly payment and remaining mortgage balance at the end of year 5, year 20, and 30. Monthly payment: b, Balance at end of year 5: Balance at end of year 20: Balance at end of year 30: c. d