Your firm has taken out a $$497,000$ loan with $8\mathrm{.}8\%$ APR $($compounded monthly$)$ for some commercial property. As is common in commercial real estate, the loan is a $5-$year loan based on a $15-$year amortization. This means that your loan payments will be calculated as if you will take $15$ years to pay off the$-$toan, but you actually must do so in $5$ years. To do this, you will make $59$ equal payments based on the $15-$year amortization schedule and thensmake a final $60$ 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.$)$

a$.$ What will your monthly payments be$?$

The monthly payments will be $$4981\mathrm{.}94.($Round to the nearest cent.$)$

b$.$ What will your final payment be$?$

The final payment will be $$,($Round to the nearest cent.$)$