Your firm has taken out a

$480,000

loan with

8.2%

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.(Note: Be careful not to round any intermediate steps less than six decimal places.)

a. What will your monthly payments be?

b. What will your final payment be?