sailboat costs $21,385. You pay 15% down and amortize the rest with equal monthly payments over a 8 year period If you must pay 6.9% compounded monthly, what is your monthly payment? How much interest will you pay?
sailboat costs $21,385. You pay 15% down and amortize the rest with equal monthly payments over a 8 year period If you must pay 6.9% compounded monthly, what is your monthly payment? How much interest will you pay?
College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter8: Sequences And Series
Section8.4: Mathematics Of Finance
Problem 21E
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A sailboat costs $21,385. You pay 15% down and amortize the rest with equal monthly payments over a 8 year period If you must pay 6.9% compounded monthly, what is your monthly payment? How much interest will you pay?
Monthly payments $____? (Round to two decimal places.)
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