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OpenStudy (anonymous):
Ben is buying a new boat for $11,000. The dealer is charging him an annual interest of 9.8% and is using the add-on method to compute his monthly payments. a. If Ben pays off the boat in 48 months, what are his monthly payments? b. If he makes a down payment of $1,000, Ben's monthly payment will go down. What will his monthly payments go down to? c. If he wants to have monthly payments of $275, how large should his down payment be?
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