Your firm has taken out a $ 502,000 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.? (Note: Be careful not to round any intermediate steps less than six decimal places.)
a. What will your monthly payments be?
b. What will your final payment be?
PLEASE POST ANSWER WITH EXCEL and Steps clearly labled.