Ans Monthly payment: $ 331.59
Interest = $ 7152.44
| LOAN = | TOTAL COST - DOWNPAYMENT |
| 27422 - 10%*27422 | |
| 24679.8 | |
| P = | Regular Payments |
| PV = | Loan Amount |
| r = | rate of interest |
| n = | no of periods |
| P = | r (PV) |
| 1 - (1 + r )-n | |
| P = | (6.6%/12)*24679.8 |
| 1 - (1 / (1 + 6.6%/12)^96)) | |
| P = | 135.7389 |
| 0.409362787 | |
| P = | 331.5858316 |
| Interest = | Total Emi - Loan |
| 331.5858316 * 96 - 24679.8 | |
| 7152.44 |
A sailboat costs $27,422. You pay 10% down and amortize the rest with equal monthly payments...
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Can you please show all work/steps on how to solve this problem?
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