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25 July, 03:39

John Sullivan bought a new Brunswick boat for $17,000. He made a $2,500 down payment on it. The bank's loan was for 60 months. Finance charges totaled $4,900. His monthly payment is:

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  1. 25 July, 06:05
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    John Sullivan bought a boat for $17,000.

    He made a downpayment of $2,500, thus remaining amount to be paid is:

    Amount = $17,000 - $2,500

    Amount = $14,500

    But, additional charges has added:

    Amount w / add charges = $14,500 + $4900

    Amoun w / add chargers=$ 19,400

    He need to pay this amount within 60 months, thus, his monthly payment is shown below:

    Monthly Payment=$19, 400/60

    Monthly Payment = $323.33
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