4. Irene and Frank Adam plan to purchase an 80 acre tract of land valued at $2,200 per acre. The lender charges a $1000 loan application fee and $500 for a real estate appraisal. An additional 2% (of land value) fee was added to the loan. The contractual rate is 8%. A) The fixed annual payments are based on a 20 year amortization period. The interest is calculated using the remaining balance method. a. What is the effective annual interest rate for the loan? b. What is the effective annual interest rate for the loan if there is no additional fees requirement? c. What is the effective annual interest rate if the amortization period is lengthened to 30 years using the conditions of question A-a?