SOLUTION:
Jill Roger borrowed $16,000 to buy a new boat. Assuming an interest charge of $2,900 what will be her monthly payment if she takes 30 months to repay the loan (+interest). Assum
Algebra.Com
Question 555618:
Jill Roger borrowed $16,000 to buy a new boat. Assuming an interest charge of $2,900 what will be her monthly payment if she takes 30 months to repay the loan (+interest). Assume the loan is repaid in equal payments.
Answer by mathstutor494(120) (Show Source): You can put this solution on YOUR website!
Amount to be repaid including interest = 16,000+2,900 i.e. 18,900
Time/months to repay the loan (+interest) = 30
Hence equally monthly installment = 18,900/30
Ans = $ 630
RELATED QUESTIONS
Jeanna wants to buy a new boat for her family. she has two payment options. the first... (answered by solver91311)
To buy a computer, Tom borrowed $3000 at 9% simple interest calculated yearly if you... (answered by VFBundy)
My teacher didn't give me any formulas for these things.. please help me!! T~T
1. You (answered by KMST)
Lisa wants to buy a new boat but needs money for the down payment. Her parents agree to... (answered by Boreal)
Assume you have a balance of $900 on a credit card with an APR of 24% or 2% per month.... (answered by Theo)
The price of a new car is $16,000. Assume that an individual makes a down payment of 25%... (answered by Theo)
1.Marina had an accident with her car and the repair bill came to $800. She didn’t have... (answered by ikleyn)
You've bought a house for $191,900, and obtained a 30-year mortgage at an annual interest (answered by ikleyn)
You want to buy a $233,000 home. You plan to pay 20% as a down payment, and take out a 30 (answered by Theo)