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

So they charge 8.4 interest a year? (also that's a cheap boat)

Answer 2

i think so

Answer 3

is that ur final answer?

Answer 4

Select one:
a. $7,642.20
b. $8,157.10
c. $8,999.28
d. $9,474.28
these are the options

Answer 5

Oh I was adding 8.4% interest each year this might just be 8.4% all together for 6 years

Answer 6

yeah

Answer 7

Ok I am not suppose to give you the answer so I will help you find it out
Ok first off what would be 8.4% interest on 7,050

Answer 8

my answer that i came up with is D but i wanna see if someone else got the same

Answer 9

We are not allowed to give you the answer we can only help you find it your self by showing you how to find the answer

Answer 10

dang it.....fine lets go through the process

Answer 11

Ok what did you get when you multiplied the 8.4% into 7,050

Answer 12

8.4% of 7050 would be 592.2

Answer 13

Yes and now you add them together to get?

Answer 14

7642.2

Answer 15

Yes and now add in the down payment to get the answer :)

Answer 16

but that isnt even an option

Answer 17

What did you get?
@dmezzullo

Answer 18

8117.2

Answer 19

He "applied" for a loan? Did he get the loan? What a strange question.

Answer 20

Maybe its B. @dmezzullo what did you get for it?

Answer 21

do you have a formula for total payments?

Answer 22

nevermind guys i got it right

Answer 23

thank you all for the help

Answer 24

What was it?

Answer 25

D

Answer 26

Oh

Answer 27

Oh man what a relief

Answer 28

I wonder what I did wrong...

Answer 29

i get really anxious when my grade is lower than a B

Answer 30

no i go to pinnacle virtual high school