Ask Question
18 September, 09:56

Jim wants to purchase a used boat. The price is $8,000 cash or $1,200 down and 18 monthly payments of $429.00. Jim decided to finance the boat.

Calculate:

The amount he will finance.

The total amount of this monthly payments.

The total finance charge.

+5
Answers (1)
  1. 18 September, 12:19
    0
    The total monthly payments would be (18 payments) * ($429/payment) = $7,722. Adding the down payment of $1,200 gives a total amount of $8,922.

    Since the upfront price would have been $8,000, this means that the total finance charge is $8,922 - $8,000 = $922.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Jim wants to purchase a used boat. The price is $8,000 cash or $1,200 down and 18 monthly payments of $429.00. Jim decided to finance the ...” in 📘 Mathematics if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers