Elspeth McNab purchased a boat valued at $12 500 on an installment plan requir-ing equal monthly payments for four years. If the first payment is due...

Elspeth McNab purchased a boat valued at $12 500 on an installment plan requir-ing equal monthly payments for four years. If the first payment is due on the date of purchase and interest is 7.5% compounded monthly, what is the size of the monthly payment? Explain with all the calculations in details