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Your firm has taken out a $ 5 5 0 comma 0 0 0 loan with 8 . 2 % APR ( c o m

Your firm has taken out a $ 550 comma 000 loan with 8.2% APR (compounded monthly) for some commercial property. Asis common in commercial real estate, the loan isa5-year loan based ona15-year amortization. This means that your loan payments will be calculated asif you will take 15 years to pay off the loan, but you actually must dosoin5 years. Todo 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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