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A sailboat costs $31,663. You pay 5% down and amortize the rest with equal monthly payments over a 11 year period. a) if you must

A sailboat costs $31,663. You pay 5% down and amortize the rest with equal monthly payments over a 11 year period.

a) if you must pay 7.5% compounded monthly, what is your monthly payment?

b) how much interest will you pay?

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