Question: A borrower received a 30-year loan with a face value of $100,000 to buy a house at 9.6% compounded monthly. If the borrower is charged

A borrower received a 30-year loan with a face value of $100,000 to buy a house at 9.6% compounded monthly. If the borrower is charged 1.5 points, determine: a) the amount the borrower received to buy the home. b) the size of the monthly payment c) the effective interest rate on the loan to the nearest 0.1% The answers should be:

a) $98500.00

b) $848.16

c) 9.7%

Please show the steps of how to get the answer for a, b, and c. do not use excel

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