Consider a 30-year, fixed-rate mortgage for $100,000 at a nominal rate of 9%. a)If the borrower wants to pay off the remaining balance on the mortgage after making the 12th payment, what is the remaining balance on the mortgage? b) Compute the EAR of a 20-year, 6% fixed rate mortgage loan of $150,000 with 2 discount points and monthly repayments.

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Q: fixed-rate mortgage

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