sailboat costs $27,761. You pay 20% down and amortize the rest with equal monthly payments over a 15 year period and you pay 7.2% compounded monthly
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total amortize=(27,761)(0.8)
=$22,208.80
number of payments=12(15)
=180
monthly interest=(7.2)/12
=0.6%
1+i=1.006
amount of paymentns=22,208.8/[sum from n=1 to 180 of (1+i)^n]
=$68.45
=$22,208.80
number of payments=12(15)
=180
monthly interest=(7.2)/12
=0.6%
1+i=1.006
amount of paymentns=22,208.8/[sum from n=1 to 180 of (1+i)^n]
=$68.45