Walter is interested in buying a boat, but he does not currently have enough money to pay for it. He takes out a $40,000 personal loan from Wells Fargo to purchase the boat today. The installment loan requires him to repay the $40,000 with fixed monthly payments over the next 7 years. Assume Wells Fargo charges Walter 12% interest, compounded monthly. 

What is the amount of each monthly payment?

 And assuming the loan is paid on schedule, how much total interest will he pay over the 7-year loan term?