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28 November, 08:21

John sullivan bought a new brunswick boat for $17,000. he put a $2,500 down payment on it. the bank's loan was for 60 months. finance charges totaled $4,900. his monthly payment is:

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  1. 28 November, 15:19
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    The cost that John has to finance is the boat price minus the down payment: $17,000 - $2,500 = $14,500 That amount is paid by John with a finance cost to add of $4,900 during 60 months. $14,500 + $4,900 = $19,400 / 60 months = $323,34 Then the monthly payment is: $323,34
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