Your firm has taken out a 521,000 loan with 8.6% 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?

A. What will your monthly payments be?

B. What will your final payment be?

Explanation:

loan = $521,000

interest rate = 8.6% compounded monthly

loan schedule = 15 years

monthly payment = loan amount / PV annuity factor, 0.7167%, 180 periods* = $521,000 / 100.94786 = $5,161.08

No annuity table will give you the annuity factor for 0.7167%, so you must search for an annuity calculator on the web.

Then I prepared an amortization schedule to determine the balance after the 59th payment (attached file). The balance after the 59th payment is $416,649 + $3,001 in interests = $419,650.

i would say iii (3) because in order to compare a price you have to use as a reference other near stores because it's its

hope i explained myself

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