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Your firm has taken out a $ 4 5 1 0 0 0 loan with 8 . 2 % APR ( compounded monthly ) for
Your firm has taken out a $ loan with APRcompounded monthly for some commercial property. As is common in commercial real estate, the loan is a year loan based on a year amortization. This means that your loan payments will be calculated as if you will take years to pay off the loan, but you actually must do so in years. To do this, you will make equal payments based on the year amortization schedule and then make a final th payment to pay the remaining balance.
a What will your monthly payments be
b What will your final payment be
Note: Be careful not to round any intermediate steps less than six decimal places.
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