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Your firm has taken out a $ 492 comma 000$492,000 loan with 8.2 %8.2% APR​ (compounded...

Your firm has taken out a $ 492 comma 000$492,000 loan with 8.2 %8.2% APR​ (compounded monthly) for some commercial property. As is common in commercial real​ estate, the loan is a 55​-year loan based on a 1515​-year amortization. This means that your loan payments will be calculated as if you will take 1515 years to pay off the​ loan, but you actually must do so in 55 years. To do​ this, you will make 5959 equal payments based on the 1515​-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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jeff jeffy answered 7 months ago
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