Question

A sailboat costs $19,289. You pay 20% down and amortize the rest with equal monthly payments over a 15 -year period. If you must pay 8.4% compounded monthly, what is your monthly payment? How much interest will you pay? Monthly payments: $___ (Round to two decimal places.) Interest: $___ (Round to two decimal places.)

Answer 1

I’m pretty sure the answer is decided by the 20% because I’m smart like that and it equals 10 which is rounded to 10