ABC Real Estate Inc. is going to purchase a vacant land to develop an apartment building. The cost of the land is $450,000. The company desires to borrow a $570,000 loan from the bank topay for taxes and other costs associated with the purchase. According to the loan agreement, the company needs to pay off the loan after 3 years with an annual percentage rate (APR) of 3.9%,compounded monthly. (a) What is the total amount of payment due after 3 years? (2 points) (b) What is the effective interest rate for the loan? (3 points)