Five years ago, Dakota Enterprises purchased an office building for $1,700,000. The company financed the purchase with a 5-year, fixed-rate, partially amortizing mortgage loan with monthly payments and an annual interest rate of 6.48%. The amortization term for the loan was 20 years. The loan involved points of 1.20% and Dakota Enterprises paid other up-front financing costs to the lender of $8,000 and up-front financing costs to third party service providers of $10,000. The original LTV ratio for the loan was 90%. Today, Dakota Enterprises plans to roll over the original loan. The rollover loan would be a 3-year, fixed-rate, partially amortizing mortgage loan with monthly payments and an annual interest rate of 8.88%. The amortization term for this loan would be 30 years. Assume there are no point or fees associated with the second loan.

a. What was the monthly payment associated with the original mortgage loan?

b. What is the principal of the rollover loan at origination?

c. What is the monthly payment associated with the rollover loan?