Question: Your firm has taken out a ( $ 4 9 4 , 0 0 0 ) loan with ( 8 .

Your firm has taken out a \(\$ 494,000\) loan with \(8.9\%\) 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 do this, you will make 59 equal payments based on the 15-year amortization schedule and then make a final 60th payment to pay the remaining balance. a. What will your monthly payments be? b. What will your final payment be?(Note: Be careful not to round any intermediate steps less than six decimal places.) a. What will your monthly payments be? The monthly payments will be \(\$ \mid \)(Round to the nearest cent.)
Your firm has taken out a \ ( \ $ 4 9 4 , 0 0 0 \

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