Carlos bought a new Mastercraft boat for $17,000. He made a $2,500 down payment on it. The bank's loan was for 60 months, and th

Question

Sindrei [870]

3 years ago

11

Carlos bought a new Mastercraft boat for $17,000. He made a $2,500 down payment on it. The bank's loan was for 60 months, and th

e finance charges totaled $4,900. What's his monthly payment?
A. $323.33
B. $232.33
C. $313.33
D. $332.33

Mathematics

2 answers:

GrogVix [38] · Answer 1 · 2022-06-07T13:37:06+03:00

GrogVix [38]3 years ago

7 0

Attached a solution and showed work.

kap26 [50] · Answer 2 · 2022-06-07T14:44:18+03:00

Answer:

Carlos bought a new Mastercraft boat for $17,000. He made a $2,500 down payment on it. The bank's loan was for 60 months, and the finance charges totaled $4,900. What's his monthly payment?

A. $323.33

B. $232.33

C. $313.33

D. $332.33

Step-by-step explanation:

1.- Carlos paid $ 2,500 of the $ 17,000 that Mastercraft costs and would be equal to: $ 17,000 - $ 2,500 = $ 14,500

2.- We have financial charges amounting to $ 4,900 to be added to the previous amount, and would be equal to: $ 14,500 + $ 4,900 = $ 19,400

3.- The bank loan is for 60 months, which would result in: $ 19,400 / 60 = $ 323.33

The answer is: A. $ 323.33