You are considering the purchase of a small office building. The building can be purchased today for $1,500,000, which includes all acquisition costs (but not up-front financing costs). The mortgage you have arranged covers 80 percent of the purchase price. The (annual) interest rate is 5 percent, and the mortgage will be amortized with monthly payments over 30 years. Up-front financing costs will total $44,000 (including payments made to third-party service providers). What will be the net loan proceeds to the borrower? $1,456,000 $1,156,000 $1,244,000 $1,200,000