(Complex stream of cash flows) Roger Sterling has decided to buy an ad agency and is going to finance the purchase with seller financingthat is, a loan from the current owners of the agency. The loan will be for $2,400,000 financed at an APR of 9 percent compounded monthly. This loan will be paid off over 8 years with end-of-month payments, along with a $600,000 balloon payment at the end of year 8. That is, the

$2.4 million loan will be paid off with monthly payments, and there will also be a final payment of $600,000 at the end of the final month. How much will the monthly payments be?

Part 1

a. How much of the loan will be paid off by the final $600,000 payment?

(Round to the nearest cent.)

Part 2

b. How much of the loan must be paid off by the equal monthly payments?

(Round to the nearest cent.)

Part 3

c. How much will the monthly payments be?

(Round to the nearest cent.)