Department of Ophthalmology wants to open a new office on Long Island. They found a space that needs to be fitted for their needs. The landlord agrees to do the improvements, and charges Ophthalmology monthly in addition to rent for the capital expenditure. The improvement costs $1.4 million. The payment associated with the improvement is $18,000 monthly for 10 years.

1 - What is the rate the landlord is charging Ophthalmology?

2 - Can you please prepare the repayment schedule (amortization schedule) for this arrangement?