You have just purchased a new warehouse. To finance the purchase, youve arranged for a 30-year mortgage loan for 80 percent of the $3,000,000 purchase price. The monthly payment on this loan will be $14,000 starting 1 month from today.

a) What is the periodic rate on this loan?

b) What is the nominal rate of this loan?

c) What is the effective rate on this loan?

If you use a financial calculator please show the steps. Thank you.