A sailboat costs $20,607. You pay 5% down and amortize the rest with equal monthly payments over a 15-year period. If you must pay 8.4% compounded monthlywhat is your monthly payment? How much interest will you pay?Monthly payments: S (Round to two decimal places.)Interest S (Round to two decimal places.)

cost of boat = $20,607 down payment =5% principal amount = $20607 x (1-0.05) =$19,576.65 n=15 years…

Asailboat costs $20,607. You pay 5% down and amortize the rest with equal monthly payments over a 15-year period. If you must pay 8.4% compounded mont what is your monthly payment? How much interest will you pay? Monthly payments: S (Round to two decimal places.) Interest (Round to two decimal places.)

Asailboat costs $20,607. You pay 5% down and amortize the rest with equal monthly payments over a 15-year period. If you must pay 8.4% compounded mont what is your monthly payment? How much interest will you pay? Monthly payments: S (Round to two decimal places.) Interest (Round to two decimal places.)

Corporate Fin Focused Approach

5th Edition

ISBN:9781285660516

Author:EHRHARDT

Publisher:EHRHARDT

Chapter4: Time Value Of Money

Section4.17: Amortized Loans

Problem 1ST

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