A borrower is faced with choosing between two loans. Loan A is available for $$93,000$ at $6$ percent interest for $30$ years, with $6$ joints to be included in closing costs. Loan B would be made or the same amount, but for $7$ percent interest for $30$ years, with $2$ points to be included in the closing costs. Both loans will be ully amortizing.

Required:

a$.$ If the loan is repaid after $20$ years, what is the effective interest rate for Loan A and Loan B$?$

b$.$ If the loan is expected to be repaid after five years, what is the effective interest rate for Loan A and Loan B$?$