A boat dealer offers you two deals on a boat that costs $16,000.Please calculate the monthly payment, given these two payment options the boat dealer is offering.

Payment Option 1: You can finance the boat for 60 months with no interest if you make a $1,000 down payment.

Payment Option 2: You can finance the boat for 72 months (6 years) with 2% simple annual interest and no down payment. (Hint: To calculate simple annual interest, use the formula Interest = Principal * Rate * Time. Add the amount of interest to the price of the boat.)

HELP

Question

A boat dealer offers you two deals on a boat that costs $16,000.Please calculate the monthly payment, given these two payment options the boat dealer is offering. 

Payment Option 1: You can finance the boat for 60 months with no interest if you make a $1,000 down payment.

Payment Option 2: You can finance the boat for 72 months (6 years) with 2% simple annual interest and no down payment. (Hint: To calculate simple annual interest, use the formula Interest = Principal * Rate * Time. Add the amount of interest to the price of the boat.)




HELP