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Case 3: A mortgage banker is originating a level-payment mortgage with the following terms: Annual...

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Case 3: A mortgage banker is originating a level-payment mortgage with the following terms: Annual interest rate: 9.0 percent Loan term: 15 years Payment frequency: Monthly Loan amount: $160,000 Total up-front financing costs (including discount points): $4,000 Discount points to lender:$2,000 Calculate the annual percentage rate (APR) for Truth-in- Lending purposes. Calculate the lenders yield with no prepayment. Calculate the lenders yield with prepayment in five years. Calculate the effective borrowing cost with prepayment in five years

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