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 i) What is the monthly payment 1) What is the effective annual rate on interest paid III) How much will need to be financed at the end of the 3 year term