Consider a $185,000 20-year, fixed-rate mortgage with monthly payments and a 7.825% interest rate. a) What is the required monthly payment on this loan? b) How much interest will the borrower pay during the second year? c) Assume that the borrower pays one origination point and $800 in other loan processing fees, what is the APR on this loan? d) Using the fees outlined in part (c), what is the borrower's effective borrowing cost (effective rate) if he plans on holding the loan for 7 years.