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Your firm has taken out a $ 490000 loan with 8.9 % APR​ (compounded monthly) for...

Your firm has taken out a $ 490000 loan with 8.9 % APR​ (compounded monthly) for some commercial property. As is common in commercial real​ estate, the loan is a 55​-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 55 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?

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