A family purchased a new ski boat for $18,500. The loan agency required a down payment and financed the balance for 36 months with an APR of Determine the total finance charge and monthly payment for the loan.
Total finance charge = $1497.02; Monthly payment = $478.39
Total finance charge = $2989.60; Monthly payment = $596.93
Total finance charge = $3418.62; Monthly payment = $531.77
Total finance charge = $1625.97; Monthly payment = $481.97
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