Question $2(2\mathrm{.}5$ points$)$

Assuming all APRs equal, the effective interest rate on a loan with a prepayment penalty is highest when:

The loan has no points and a $15-$year maturity and is prepaid in seven years

The loan has no points and is peepaid at maturity

Points are charged and the loan is paid off at maturity in $15$ years

Points are charged and the loan has a $15-$year maturity but is prepaid in seven years