your firm has taken out a $467,000 loan with 8.7% 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 loan, 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 then make a final 60th payment to pay the remaining balance.

a. what will your monthly payments be?

b. what will your final payment be?