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...

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.