Fred purchased a boat for $8,645. He made a down payment of $775. He applied for a six-year installment loan with an interest rate of 11.4% in the amount of $7,870. What is the total cost of the boat after six years?
@satellite73 @ganeshie8 help me please

Question

Fred purchased a boat for $8,645. He made a down payment of $775. He applied for a six-year installment loan with an interest rate of 11.4% in the amount of $7,870. What is the total cost of the boat after six years?
@satellite73  @ganeshie8  help me please

ganeshie8 · Answer

you must be having an EMI formula in your book ?

ganeshie8 · Answer

i don't remember the EMI formula, but i think you should start by finding the EMI

anonymous · Answer

72*151.42 + 775 = $11,677.24   7870*(.114/12)/(1-(1+.114/12)^-72) = $151.42

anonymous · Answer

I don't know if it's right

ganeshie8 · Answer

whats teh EMI formula ?

ganeshie8 · Answer

use wolfram as ur calculator, don't work them manually http://www.wolframalpha.com/

anonymous · Answer

so i'm wrong

ganeshie8 · Answer

http://www.wolframalpha.com/input/?i=%287870*0.114%2F12*%281%2B0.114%2F12%29%5E%2812*6%29%2F%28%281%2B0.114%2F12%29%5E%2812*6%29-1%29%29*12*6%2B775

ganeshie8 · Answer

151.42 for EMI is correct !

anonymous · Answer

Thanks

ganeshie8 · Answer

Total cost of boat would be $11676.92

ganeshie8 · Answer

Yeah I see you have worked that also correctly ! good job !!

anonymous · Answer

Thanks

anonymous · Answer

Which of the following is a consumer durable?

 food

 kitchen appliances

 dishes

 DVDs      what about this one @ganeshie8  is not DVD I would say food idk if i'm right