Question

The price of a boat that Arthur wants is $29,450. Arthur finances this by paying $6000 down and monthly payment of $792.22 for 36 months.

a. Determine the amount to be financed.​​​​​​​15a. _______________

b. Determine the installment price.​​​​​​​​b. _________________

c. Determine the finance charge.​​​​​​​​c. _________________

Answer 1

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Explanation:

The price of a boat that Arthur wants is $29,450. Arthur finances this by paying $6000 down and monthly payment of $792.22 for 36 months.

a. Determine the amount to be financed.​​​​​​​15a. ___$23450____________

29450 - 6000 = 23450

b. Determine the installment price.​​​​​​​​b. ___$792,22______________

"monthly payment of $792.22"

c. Determine the finance charge.​​​​​​​​c. __$5069.92_______________

A = 792.22

n = 36

finance charge = total paid - amount to be financed

= 36*792.22 - 23450

= 5069.92