BioElectroMechanical Systems (BEMS) is a start-up company with high potential and little available cash. They obtain $500,000 for necessary technology from a venture capitalist who charges them 24 percent compounded monthly. The agreement calls for no payment until the end of the first month of the fourth year, with equal monthly payments thereafter for 3 complete years (36 payments).

a. How much are the monthly payments?

b. What is the total interest paid to the lender?

c. What is the total principal paid to the lender?

d. If BEMS is doing incredibly well and would like to pay off the debt immediately after making the twentyfourth payment in month 60, how much must they pay?