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?

Question

danielle · Answer

the question is not clear and missing information. The value of the installment is =PMT(0.104,6,8880)=2062.87; how you proceed from here is up to you . I suspect that they mean it is 6*2062.87+875=13252.22

anonymous · Answer

ya the number of installments is not known