You are looking to buy some commercial real estate property as the chair of your nonprofit. An office space has been offered for $2,000,000, and can use part of the reserve fund to pay for the $400,000 down payment. With a 20-year mortgage with end-of-month payments at a 4% annual rate of interest, answer the following: (show your work)

1. How much will the nonprofit have to finance with the mortgage?

2. What is the effective periodic interest rate?

3. What is the number of periods for this mortgage?

4. Using the information from the first 3 questions above and the payment function (PMT) in Excel to determine the amount of the mortgage payment