To expand its operation in Ontario, Dundar Mifflin has applied for a $3,500,000 loan from the TD Bank. According to Dundar Mifflin financial analyst, the company can only afford a maximum yearly loan payment of $1,000,000. The bank has offered Dundar Mifflin the following: Option 1: 3 year loan with an 8 percent interest rate Option 2: 4 year loan with a 10 percent interest rate Option 3: 5 year loan with a 12 percent interest rate Required: Compute the loan payment under each option for year 1. Which option should the company choose?

Note: please solve this question on word.