Elmo borrowed $25,000 from the Statler & Waldorf Bank at 12% APR, compounded monthly. The loan is to be repaid in equal monthly payments over a 5 year period.

The monthly payment is: 556.11

1)

a)Provide the formulas for the calculation of the interest payment in one period

b)the remaining balance after n periods then provide the interest payment in the 25^th period

c)Provide the principal payment in the 25^th period.