joshua paid $20,000 as a down payment to purchase a boat. Joshua received a loan for the remaining amount at 7.96% compounded monthly. What is the purchase price of the boat and the total amount of interest paid if Joshua settled the loan with payments of $2,500 at the end of every month for two years?

Full solutions should be shown on separate sheets of paper. Submit your solutions.

Purchase Price =$ Purchase Price =$

Interest Paid =$ Interest Paid =$