Question

Anna wants to borrow $15,000 to buy a used sail boat. After looking at her financial situation, she realizes that she can only afford monthly payments of $300. The bank is offering financing at 6.1%. For how long will Anna need to finance the boat to stay within her monthly payment?

Answer 1

47 months

Explanation:

find 6.1% of 15k then divide that by 300

6.1% = 915

15,000 - 915 = 14085

14085 divided by 300 is 46.95 then rounded is 47