Elbert purchased a boat for $13,125. He made a down payment of $4,500. He applied for a four-year installment loan with an interest rate of 9.3%. What is the total cost of the boat after four years?

Question

anonymous · Answer

how do i set this up ?

anonymous · Answer

@Legends could you help with this one

legends · Answer

Any anwer choices

anonymous · Answer

@Legends i dont get what youre doing ?

anonymous · Answer

@HailKK i need help with this

anonymous · Answer

i think im supposed to use A=p(1+r/n)^nt

anonymous · Answer

legends answered this didnt he?

legends · Answer

Ok so we first take away 4,500 from 13,125 which will give us 8,625. you get it so far

anonymous · Answer

yea i understand

anonymous · Answer

so now i would add or multiply ?

legends · Answer

Then we multiply 8,625 with 0.93 which will give us 8,021.25

anonymous · Answer

thats not one of my choices

anonymous · Answer

$15,767.47
 $10,361.48
 $14,345.63
 $14,861.48
are my choices

holly00d1248 · Answer

its not B does that help

holly00d1248 · Answer

did you see @Legends and @Mromanos96

anonymous · Answer

@Holly00d1248 yea but i want to know how to solve it on my own

legends · Answer

Wait ill be back

holly00d1248 · Answer

first find out how much in $ the interest rate was

anonymous · Answer

how do i do that @Holly00d1248

holly00d1248 · Answer

i dont know sorry give me a sec

holly00d1248 · Answer

sorry i do not know