Question 1083134
4 years = 48 months
400 times 48 = 19200 this is how much he can afford to pay in 4 years, with interest.
:
x(1+(0.051/12))^12*4 = 19200
x(1+0.00425)^48 = 19200
x(1.226) = 19200
x = 15,660.69 this is how much boat he can afford to borrow in order to pay back 400/month