What is the first step in calculating the lender's effective yield and calculating the borrower's effective cost of funds for loans?

	1.	Calculate the periodic loan payment based on the appraisal value.
	2.	Calculate the periodic loan payment based on the tax assessor's value.
	3.	Calculate the periodic payment based on the contract loan amount, nominal interest rate, and full amortization period.
	4.	All of the above.