Boondocks just borrowed $$900,000$ to build a new restaurant. The loan terms call for equal monthly payments at the end of each month. The loan is for $15$ years at an APR of $8\mathrm{.}50$ percent.

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a$.$ How much is each payment?

b$.$ How much total interest will be paid over the life of the loan? HINT: first, consider how much will be paid overall for the $15$ years and remember that the total is principal and interest.

c$.$ How much of the FIRST monthly payment will be used to reduce the principal balance of the loan?

d$.$ What is the EAR of this loan?