Your firm has taken out a $498,000 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. (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 payments be?