25.XYZ Company borrows $450,000 to purchase a piece of capital equipment. The term of the loan is 20 years at an APR of 6.5%. What is the monthly payment? a)After five years, APR falls to 4.75%. How much is the balance due on the loan?

b)How much of the loan principle has XYZ Company paid off during the first five years?

c)XYZ realizes the machinery has a longer productive life than originally estimated; what would the loan payment be if it took out a new 20 year loan?