anonymous
  • anonymous
Frank purchased a boat for $7,525. He made a down payment of $475. He applied for a six-year installment loan with an interest rate of 8.4% in the amount of $7,050. What is the total cost of the boat after six years?
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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jamiebookeater
  • jamiebookeater
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leozap1
  • leozap1
So they charge 8.4 interest a year? (also that's a cheap boat)
anonymous
  • anonymous
i think so
anonymous
  • anonymous
is that ur final answer?

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More answers

anonymous
  • anonymous
Select one: a. $7,642.20 b. $8,157.10 c. $8,999.28 d. $9,474.28 these are the options
leozap1
  • leozap1
Oh I was adding 8.4% interest each year this might just be 8.4% all together for 6 years
anonymous
  • anonymous
yeah
leozap1
  • leozap1
Ok I am not suppose to give you the answer so I will help you find it out Ok first off what would be 8.4% interest on 7,050
anonymous
  • anonymous
my answer that i came up with is D but i wanna see if someone else got the same
leozap1
  • leozap1
We are not allowed to give you the answer we can only help you find it your self by showing you how to find the answer
anonymous
  • anonymous
dang it.....fine lets go through the process
leozap1
  • leozap1
Ok what did you get when you multiplied the 8.4% into 7,050
anonymous
  • anonymous
8.4% of 7050 would be 592.2
leozap1
  • leozap1
Yes and now you add them together to get?
anonymous
  • anonymous
7642.2
leozap1
  • leozap1
Yes and now add in the down payment to get the answer :)
anonymous
  • anonymous
but that isnt even an option
leozap1
  • leozap1
What did you get? @dmezzullo
anonymous
  • anonymous
8117.2
tkhunny
  • tkhunny
He "applied" for a loan? Did he get the loan? What a strange question.
leozap1
  • leozap1
Maybe its B. @dmezzullo what did you get for it?
anonymous
  • anonymous
do you have a formula for total payments?
anonymous
  • anonymous
nevermind guys i got it right
anonymous
  • anonymous
thank you all for the help
leozap1
  • leozap1
What was it?
anonymous
  • anonymous
D
leozap1
  • leozap1
Oh
anonymous
  • anonymous
Oh man what a relief
leozap1
  • leozap1
I wonder what I did wrong...
anonymous
  • anonymous
i get really anxious when my grade is lower than a B
anonymous
  • anonymous
no i go to pinnacle virtual high school

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