Your firm has taken out a $482,000 loan with 8.5% 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 15years 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?

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Part 1

a. What will your monthly payments be?

(Round to the nearest cent.)