Question

Sally Seair buys a sailboat. The price, including tax, is $5,275.00. She finances the boat over 36 months after making a $500 down payment. The true annual interest rate is 15%. What are Sally's monthly payments (principal plus interest)? To the nearest penny, c = $. Total of payments = amount financed + c = $. Total of payments ÷ number of payments = monthly payment = $.

Answer 1

the answer is 163.31

hope this helps

Answer 2

Monthly payment 166

Explanation:

N Pay. Cap. Int.

1 166 106 60

2 166 107 58

3 166 109 57

4 166 110 56

5 166 111 54

6 166 113 53

7 166 114 51

8 166 115 50

9 166 117 49

10 166 118 47

11 166 120 46

12 166 121 44

13 166 123 43

14 166 124 41

15 166 126 40

16 166 128 38

17 166 129 36

18 166 131 35

19 166 132 33

20 166 134 32

21 166 136 30

22 166 137 28

23 166 139 26

24 166 141 25

25 166 143 23

26 166 144 21

27 166 146 19

28 166 148 18

29 166 150 16

30 166 152 14

31 166 154 12

32 166 156 10

33 166 158 8

34 166 159 6

35 166 161 4

36 166 163 2

Monthly payment 166

Totales payments 5.959

Capital 4.775

Interest 1.184