Question: 6. Julio borrows 5,000,000 to be repaid with monthly payments for five years with the first payment one month from today. The loan interest

6. Julio borrows 5,000,000 to be repaid with monthly payments for five

6. Julio borrows 5,000,000 to be repaid with monthly payments for five years with the first payment one month from today. The loan interest rate is a nominal interest nerate of 9% compounded monthly. a. Determine the amount of the monthly payment. (5 points) -5,000,000 990 1 LELO (H) SE roject A 60 7 60 3 5,000,000 (104) XS 01.04.09/12 11,944,79x=880156459. X= 452,570.9688 b. Immediately after the 24th payment, in order to reduce his monthly payment, Julio makes an additional loan payment of X. He then continues to make level payments over the remaining loan period. His new loan payment is 87,654. Determine X. (15 points) -12

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