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