3.Lee Development Co. has found a site that it believes will support T5 homesites. The company also believes that the land can be purchased for 3225:000 while direct development costs will run an additional $TT5,000. The Last National Bank of Texas will underm'ite 100 percent of the improvements plus the interest cany. The loan would he made at 13 percent interest with a 3 percent loan origination faa. Lee believes that the development will sell faster with two types of parcels. standard and deluxe, with the standard parcel comprising 5? of the total parcels. Lee's marketing staff believes that the deluxe sites can be sold for $24,000 while the standard sites should bring $13:500. Lee estimates that the direct cost draws vtill be taken down in thin equal amounts during months 1 to 4. Other up-front fees include closing costs of $10,000 and a 3 percent loan fee (not covered by the loan}. Lee's sales staff supervisor assures him that she can generate sales activity starting in the fourth month that will result in the sale of five standard parcels per month and four deluxe parcels per month for three months. For the next six months. activity should be seven standard parcels per month and only one deluxe parcel per month. The Last National Bank wants its money out of the project early and wants Lee to agree to a release price per parcel that will result in the loan being repaid at a rate 25 percent faster than sales revenue is expected to he earned. Other costs to consider include sales expense {paid quarterly on 5 percent of the sales price of parcels sold during the quarter), administrative costs of $11,000 per quarter= and property taxes of $2000. None of these latter items are to be funded in the loan. o.Develop a total monthly sales schedule for Lee. What will he Lee's total revenue?l How many months will it take Lee to Jlly repay the loan