Ben is buying a new boat for $11,000. The dealer is charging him an annual interest rate of 9.2% and is using the add-on method to compute his monthly payments.
A. If Ben pays off the boat in 48 months, what are his monthly payments?
B. If he makes a down payment of $2,000, how much will this reduce his monthly payments?
C. If he wants to have monthly payments of $200, how large should his down payment be?

Can some please just do C or show me the formula that would really help me thanks!

Question

Ben is buying a new boat for $11,000. The dealer is charging him an annual interest rate of 9.2% and is using the add-on method to compute his monthly payments.
A. If Ben pays off the boat in 48 months, what are his monthly payments?
B. If he makes a down payment of $2,000, how much will this reduce his monthly payments?
C. If he wants to have monthly payments of $200, how large should his down payment be?

Can some please just do C or show me the formula that would really help me thanks!