The price for the boat is $8000 if paid in cash.
Jim chose to finance the purchase.
Money down = $1200, therefore
The amount financed = $8000 - $1200 = $6800
There are 18 monthly payments of $429, therefore
Total monthly payments = 18*$429 = $7722
Total finance charge = $7722 - $6800 = $922
Answers:
Amount financed = $6,800
Total monthly payments = $7,711
Total finance charge = $922
