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1. Given that a private owner is building an office building that will cost $71.3 million to construct, and the owner is taking out a coupon bond (sometimes also called a construction mortgage). The bank is loaning the owner the cost of construction at an annual interest rate of 9.00%. The construction period is expected to be 18 months. The interest only payments are to be paid every 6 months by the owner. The loan is backed by the asset of the building itself (the lender takes ownership of the building if the owner does not make the payments on time). At the end of the 18 months, the owner either has to pay back the $71.3 million in addition to the last interest payment, or convert the $71.3 million into a regular mortgage. a. What is the owner's every 6 months interest payment? b. What is the total amount of interest paid by the owner during the construction period? c. If the construction is delayed by 6 additional months, and the owner receives permission to extend the end date of the coupon bond (construction mortgage) how much extra interest does the owner have to pay