Question: A. On Dec. 31st, Mr. A. buys a tiny cottage for $555,000 paying a 20% down and agreeing to pay the balance in 20 equal

A. On Dec. 31st, Mr. A. buys a tiny cottage for $555,000 paying a 20% down and agreeing to pay the balance in 20 equal annual installments at 12%. How much is the installment payment?

B. same problem, except the payments will be monthly, that is, he will repay the loan in 240 payments. How much is the installment payment? [Please attach screen print of excel work, just before you hit 'OK'] Show work. Work to 2 decimals.

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