Problem: An engineering firm wants to buy some new machinery, so they have taken out

a $$5$ Million loan charging $8\%$ interest compounded daily. To repay the loan, the firm

will make equal monthly payments starting at the end of the first month and continuing

for $60$ months. $($assume: $30$ days per month; $12$ months per year$).$

a$.$ Draw and fully label the cash flow diagram of the loan transaction using the

project timeline given below.

b$.$ Determint $C$ and $K,$ and calculate the appropriate effective interest to be

used for this problem.

$C=,K=$

c$.$ Determine the equal monthly payments that will repay the loan.