Question

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 interest 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

Answer 1

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