Question

To pay for a $15,800 fishing boat, Jina made a down payment of $3600 and took out a loan for the rest. On the loan, she paid monthly payments of $219.23 for 5 years

Answer 1

(a) The total amount paid for the boat by Jina is $16,753.8 (b) the total interest paid on loan is $953.8.

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Explanation:

Solution

Given that

The fishing boat price =15,800

Jina made a down payment of =$3600 (took out the loan for the rest)

Thus

The rest amount = Loan amount

= (15,800 - 3600)

=$12,200

Now

Jina monthly payments = $219.23 for 5 years

Jina total payment = $219.23 * 12 * 5

=$13,153.8

Thus

Jina 's down time payment + Total payment of loan becomes:

=( $13,153.8 + $3600)

=$16,753.8

(a) Jina's total amount paid for the boat is $16,753.8

(b) The total interest paid on loan is given below:

=($$16,753.8 - $15,800)

= $953.8