1. Youre investing in a 10-unit apartment building. The purchase price is $3,000,000. You will finance the purchase with a loan at 75% of the purchase price, due in 10 years, interest rate of 6.25%, with a 30-year amortization. 1. What is the monthly payment? 2. What is the annual debt service? 3. What are the net proceeds at loan funding? 4. What is the loan balance at maturity? 5. If the lender charges a 2% loan fee, what is the effective interest rate? 2. Assuming the same purchase in Problem 1, a different lender has offered you a loan in the same amount, but at 6% with a 2.5% loan fee. 1. What is this loans effective interest rate? 2. All else being equal, which loan should you take?