A borrower is faced with choosing between two loans. Loan A is available for $83,000 at 6 percent interest for 30 years, with 6 points to be included in closing costs. Loan B would be made for 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 fully 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?

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