Question: please show how to solve this, not in excel Your firm has taken out a $546,000 loan with 8.5% APR (compounded monthly) for some commercial
please show how to solve this, not in excel
Your firm has taken out a $546,000 loan with 8.5% APR (compounded monthly) for some commercial property. As is common in commercial real estate, the loan is a 5 -year loan based on a 15-year amortization. This means that your loan payments will be calculated as if you will take 15 years to pay off the loan, but you actually must do so in 5 years. To any intermediate steps less than six decimal places.) a. What will your monthly payments be? b. What will your final payment be? a. What will your monthly payments be? The monthly payments will be $ (Round to the nearest cent.)
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