Question

John sullivan bought a new brunswick boat for $17,000. he put a $2,500 down payment on it. the bank's loan was for 60 months. finance charges totaled $4,900. his monthly payment is:

Answer 1

The cost that John has to finance is the boat price minus the down payment: $17,000 - $2,500 = $14,500 That amount is paid by John with a finance cost to add of $4,900 during 60 months. $14,500 + $4,900 = $19,400 / 60 months = $323,34 Then the monthly payment is: $323,34