Your firm has taken out u$506,000 loan with 82`3,1PR (compounded monthly) for some commercial property. As is conamon commercial real state, the loan is a 5 year loan based on a 15 year amortization. This mains that your loan payments will be calculated as if you will take 15 years to pay off the loan, you actually must do so in 5 years. To do this, you will mare 59 equal payments based on the 15 year amordzation schedule and then make a final 60th payment to pay the remaining balance. (Note: Be care. not to round any intermediate steps less than six decimal places.) What will your monthly payments be? h. Wbat will your final payment be?
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