Contemporary Mathematics for Business & Consumers 8th Edition by Robert Brechner,Geroge Bergeman

تمرين 41

At a recent boat show, Nautica Bank was offering boat loans for up to 5 years with an APR of 13.5%. On new boats, a 20% down payment was required. Scott Vaughn wanted to finance a $55,000 boat for 5 years.
a. What would be the finance charge on the loan
b. What would be the monthly payment