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
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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
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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
