Question: Please answer 3 & 4 3) A sailboat costs $35,000. You pay 20% down and amortize the rest with equal monthly payments over a 12-year

Please answer 3 & 4

Please answer 3 & 4 3) A sailboat costs $35,000. You pay

3) A sailboat costs $35,000. You pay 20% down and amortize the rest with equal monthly payments over a 12-year period. If you must pay 8.75% compounded monthly, what is your monthly payment? How much interest will you pay? 4) A family purchased a house 10 years ago for $90,000. The family put a 20% down payment on the house, and signed a 30-year inortgage at 9% on the unpaid balance. The net market value of the house (amount after subtracting all fees involved with selling the house) is now $140,000, and the family wishes to sell the house. How much equity does the family have in the house now after making 120 monthly payments

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