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John Sullivan bought a new Brunswick boat for $17,000. He made a $2,500 down payment on it. The bank's loan was for 60 months, and the finance charges totaled $4,900. What is his monthly payment?
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John Sullivan bought a new Brunswick boat for $17,000. He made a $2,500 down payment on it. The bank's loan was for 60 months, and the finance charges totaled $4,900. What is his monthly payment?

User DSchultz
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1 Answer

5 votes
John has 17000 - 2500 = 14500 left to pay after the down payment

Then add on the finance charges 14500 + 4900 = 19400

The total of $19400 is to be paid over 60 monthly instalments, so John will be paying 19400÷60 = $323.30 per month
User Xilmiki
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