Consider a $85,000, 9.25%, 15-year, fixed-rate mortgage with monthly payments. a) What is the required monthly payment on this loan? b) Suppose that the borrower must pay 2 discount points when the loan is originated and that the lender charges 3% prepayment penalty on any balance repaid early. What is the APR on this loan? c) What is the effective borrowing cost if the borrower anticipates paying off the loan at the end of five years?