Question: I need help understanding the formula used to get the answer to part 1 and 2 of this question, so please show your work for

I need help understanding the formula used to get the answer to part 1 and 2 of this question, so please show your work for the following question:

(PT 1) Your company takes out a 10-year term loan to borrow $1,325,000 to finance a building expansion. The annual interest rate on the loan is 4.75% and equal payments are made monthly. How much will the monthly payment be?(PT2) How much total interest will the company be paying over the life of the term loan?

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