Question

Can you please show all work/steps on how to solve this problem? The correct answers are included in the screenshot.

X Instructor-created question Question is graded. Grade: 0 of 1 pt Submit Grade Question Help A sailboat costs $21,455. You pay 15% down and amortize the rest with equal monthly payments over a 8-year period. If you must pay 6.9% compounded monthly, what is your monthly payment? How much interest will you pay? Monthly payments: $ 247.73 (Round to two decimal places.) Interest: $ 5,545.33 (Round to two decimal places.)

Answer 1

* Kalculation of Emil Monthly Payment EMI = PX RX (1+R)" (1+R?" - 1 sail boat cost $21455 Down Payment made= 15% X 21455 = 3218.25 P= cost- Down Payment prinůpal = 21455 - 3218:25 CP) = $ 18236.75 Rate of Interest - monthly (x) 6.9/12/100 -0.00575 n= No. of Installments = By cars x 12 96 Install ments EMI- 18236.75 X 0.00575 (1+0.00575)96 * (1•00575)96 - I = 1823675 X0-00575 (1.733) 1.733-1

o 181:724 0.733 247.99 2 (Rounded) EMI = $247 2 N toe EMIX paid = 247.92X96 = $ 23800:32 (No. of Install ments) Total Interest to paid = Total Amant - Principal Amount to be paid = 23800:32 - 1823675 € $ 5563.57 Capprox) * Calculatón of 21.00575796 is calculated lesing or finance calculator