A loan worth $ 3 mi is secured with 3% in initial friction costs (points and closing costs). It is a 20-year, monthly amortizing loan at 6% contract rate. The prepayment penalty is 2% of the balance if pre-paid in first 10 years, 0% otherwise. • What is the APR of this loan? • What is the loan balance at the end of 12 years? • What is the loan balance at the end of 5 years?