Your firm has taken out a $$504,000$ loan with $8\mathrm{.}9\%$ APR $($compounded $..$onthly$)$ for some commercial property. As iscommon in commercial real estate, the loan is a $5-$year loan based on a $15-$year amortisation. This means that yourloan payments will be calculated as if you will take $15$ years to pay off the loan, but you actually must do so in $5$ yearsTo do this, you wil make $59$ equal payments based on the $15-$year amortization schedule and then make a final $60$th payment to pay the remaining balance.