You are planning to buy a brand new Yamaha Bolt motorcycle. The price including the title and taxes is $8,260. You are able to make a down payment. The balance, $6,000, will be borrowed from your credit union at an interest rate of 9.25%, compounded daily. The loan should be paid in 48 equal monthly payments. Calculate your monthly payment. What is the total amount of interest you have to pay over the life of the loan?