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ABC Inc. is building a $25 million office building in North Melbourne and is financing $20 million of the construction with a commercial bank loan.

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ABC Inc. is building a $25 million office building in North Melbourne and is financing $20 million of the construction with a commercial bank loan. This loan has a ten-year term and requires monthly repayments. The interest rate is 8% per annum compounded monthly. a Required: Using the above information, please answer the following questions. 1. What is the monthly repayment? 2. How much of the first repayment is interest? 3. How much of the first repayment is principal? 4. How much will ABC Inc. owe on this loan after making monthly payments for three years

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