Flint purchased a boat for $10,815. He made a down payment of $1,175. He applied for a six-year installment loan with an interes

Question

2 years ago

10

Flint purchased a boat for $10,815. He made a down payment of $1,175. He applied for a six-year installment loan with an interes

t rate of 9.4% in the amount of $9,640. What is the total cost of the boat after six years?
$12,649.68
$13,824.68
$11,831.61
$10,546.16

Mathematics

1 answer:

solniwko [45] · Answer 1 · 2021-12-06T10:58:58+03:00

The calculation in this question is simple but you need to look through it to get it right.So, The answer in this question is $11,831.61
How do we get the answer?First we need to multiply the price of the boat to the interest rate which is 9.4%
$10,815 * .094 = $1,061.61
next we need to add how much is the interest of the boat in the price of the boat.
$10,815 + $1,061.61 = $11,831.61