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?

Question

phi · Answer

if this is simple interest, the total interest is
I= P*r*t  where P is the amount of the loan,  r is the rate (as a decimal), and t is the time

phi · Answer

So the first step is assign numbers (from the problem) to the variables P, r and t

anonymous · Answer

One question first. Do you see the purchase price? add 8.4 percent ans theres your answer... It was a word problem...

anonymous · Answer

I was about to give you a million word answers , lol then I saw that.

anonymous · Answer

add 8.4? or multiply?

anonymous · Answer

add the 8.4 percent.