You decide to buy a sailboat for $45000. You pay 20% down and amortize the rest with equal monthly payments over a 15 year period. You pay 9.25% annual interest compounded monthly. How much is your down payment? How much are your monthly payments? How much is the total interest that you pay on the loan? Round your answer to the nearest penny. At a minimum, show the formula that you are going to use, and show the setup of the problem.
Down Payment ___________________
Monthly Payments ________________
Total Interest Paid _________________