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Consider a $250,000 commercial property, 80% LTV with a 30 year term on the mortgage, 8% interest on the mortgage, and 3 points due at

Consider a $250,000 commercial property, 80% LTV with a 30 year term on the mortgage, 8% interest on the mortgage, and 3 points due at closing.

a. What is the monthly payment on this loan?

b. What is the amount received after the points are paid?

c. What is the effective interest rate?

d. What is the effective interest rate if the loan is to be paid off after 8 years instead of 30 years?

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