Question: do on excel and show functions please 3. Your local bank has offered you a 20 -year, $100,000 mortgage. The bank is charging 1.5 points,
3. Your local bank has offered you a 20 -year, $100,000 mortgage. The bank is charging 1.5 points, with "processing" costs of $750; both points and processing costs are deducted from the mortgage when it is given. The mortgage carries a 10% annual interest rate and is paid in 20 equal annual payments. Note that the annual payments on the mortgage are calculated on the full amount of the mortgage (that is, $100,000). (10 points) a. Calculate the annual mortgage payment. b. Calculate the EAIR. c. Present an amortization table which shows the amount of effective interest payment and repayment of principal each year
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