A business loan for $300,000 carries an interest loan of 6% compounded monthly. Suppose that the business pays only interest for the first 10 years and then repays the loan amount plus interest in equal monthly installments for the next 10 years.

(a) How much money will be paid each month during the first 10 years?

(b) Calculate the monthly payments during the second 10-year period in order to pay off the $300,000 still owed