Paul is buying a new boat for 11000 his dealer is charging him 9.4% interest and he is using the addon method to compute is monthly payments.

1) If Paul pays off the boat in 36 months what is is monthly payment
2) If he makes a down payment of 3000 what will his monthly payments be?
3) If he wants his payments to be 350 how large should his down payment be?

Question

Paul is buying a new boat for 11000 his dealer is charging him 9.4% interest and he is using the addon method to compute is monthly payments. 

1) If Paul pays off the boat in 36 months what is is monthly payment
2) If he makes a down payment of 3000 what will his monthly payments be?
3) If he wants his payments to be 350 how large should his down payment be?

anonymous · Answer

I have the first two parts of the question but I have no idea how to get the last part.