Question

Frank purchased a boat for $7,525. He made a down payment of $475. He applied for a six-year installment loan with an interest rate of 8.4% in the amount of $7,050. What is the total cost of the boat after six years?

Answer 1

P(i)t=T

Answer 2

P Principal
i Interest
t Time
T Total

\[7050\times.084\times6=\]

Answer 3

T + P = Tc

Tc Total Cost

Answer 4

7050 + 3553.20 = $10,603.20

+Down Payment of 475=$11,078.20