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OpenStudy (anonymous):

Felix purchased a boat for $9,755. He made a down payment of $875. He applied for a six-year installment loan with an interest rate of 10.4% in the amount of $8,880. What is the total cost of the boat after six years? m=p i(1+i)^nt ----------- (1+i)^nt-1 p=principal i=interest rate n=number of periods per year t=time period m=monthly payment please help

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