Erica and Jon just purchased a boat for $75,000. They were able to make a 20% down payment and the remaining balance was financed. The rate quoted by the ban was 8.4% APR financing with monthly payments. The loan has a 10 year amortization period and a 3 year term.(Timelines are not required.)

Required:

1. What is the monthly payment

2.What is the effective annual rate on interest paid

3.How much will need to be financed at the end of the 3 year term?