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You plan to borrow $75,000 to purchase a small yacht, 2014 Maritimo X50, with financing from Capital One Bank. You can afford to make monthly

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You plan to borrow $75,000 to purchase a small yacht, 2014 Maritimo X50, with financing from Capital One Bank. You can afford to make monthly payments of $1,475, but no more. Assuming monthly compounding, what is the highest rate you can afford on a 60-month APR loan? What is the APR on this loan? What is the EAR on this loan? Prepare an amortization schedule on the 60-month yacht loan and determine the total interest paid after 5 months. (60 POINTS)

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