Your firm has taken out a

$487,000

loan with

8.8%

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 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?

a. What will your monthly payments be?

The monthly payments will be

$nothing.

(Round to the nearest cent.)

b. What will your final payment be?

The final payment will be

$nothing.

(Round to the nearest cent.)