OpenStudy (anonymous):

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

3 years ago
ganeshie8 (ganeshie8):

you must be having an EMI formula in your book ?

3 years ago
ganeshie8 (ganeshie8):

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

3 years ago
OpenStudy (anonymous):

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

3 years ago
OpenStudy (anonymous):

I don't know if it's right

3 years ago
ganeshie8 (ganeshie8):

whats teh EMI formula ?

3 years ago
ganeshie8 (ganeshie8):

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

3 years ago
OpenStudy (anonymous):

so i'm wrong

3 years ago
ganeshie8 (ganeshie8):

151.42 for EMI is correct !

3 years ago
OpenStudy (anonymous):

Thanks

3 years ago
ganeshie8 (ganeshie8):

Total cost of boat would be $11676.92

3 years ago
ganeshie8 (ganeshie8):

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

3 years ago
OpenStudy (anonymous):

Thanks

3 years ago
OpenStudy (anonymous):

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

3 years ago
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