Hi everyone$-$ please complete the problem below, and submit on HuskyCT, by $10$:$00$ am on Monday $9/16/24$:

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?