You have been very successful in business and it is

You have been very successful in business and it is time to buy the big boat so you can sail the blue seas of the Bedford basin and entertain your friends. You do your research and find the boat you want in Portugal. The price of the boat is $300,000 and it will cost $20,000 to have the boat delivered to Halifax. You go to the bank to borrow the entire amount of the purchase and the bank offers you a loan with a 20 year amortization at 5% with a 5 year term. You plan on making monthly payment on

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