Problem 3. (6 points) The new fishing boat that you've been looking at has everything you need, but it's a bit out of your price range. Your local bank offers you

a loan with an APR of 6% for this $35,000 boat. Fortunately, you received a $5,000 signing bonus, and you plan to use that toward the purchase of your boat. (a) What is your monthly payment for this 10-year loan? (b) What is the equivalent value of these payments at the end of 10 years?