14. A company is considering acquiring an office space the space has a cost of $4M the seller is willing to allow

the first payment of $500,000 in six months after the time of purchase. The agreement also describes that

the interest rate is 5% per year and that the company will make 36 monthly payments starting one month

after the first payment.

a. Determine the monthly payment amount

b. Determine the number of payments if the company doubles the payment amount after the 12th

payment