Your client is trying to arrange financing for the construction of a new office building.

The building will take $15$ months to construct. In order to make monthly payments to

the contractor, your client needs to borrow $$50,000$ per month at the end of each of

the $15$ months during which construction is under way. He agrees to repay the entire

amount owed in monthly payments over a $25-$year term, with the first repayment at

EOM $18.$ The lender charges a nominal annual interest rate of $6\%,$ compounded

monthly, on the balance owed at all times, including the construction period. How

much does your client owe the lender at the end of the $15$th month $($immediately after

making the last payment to the contractor$)?$ What is the amount of the monthly

payments that begin at EOM $18?$