Talhi Hafid is considering the purchase of a used car. The price, including the title and taxes, is $9,530. Talhi is able to make a $2,530 down payment. The balance, $7,000, will be borrowed from his credit union at an interest rate of 9.25% compounded daily. The loan should be paid in 48 equal monthly payments. Compute the monthly payment. What is the total amount of interest Talhi has to pay over the life of the loan?