Flint purchased a boat for $10,815. He made a down payment of $1,175. He applied for a six-year installment loan with an interest rate of 9.4% in the amount of $9,640. What is the total cost of the boat after six years?

$12,649.68

$13,824.68

$11,831.61

$10,546.16

Question

Mathematics

Charlize Hill

24 December, 01:54

Flint purchased a boat for $10,815. He made a down payment of $1,175. He applied for a six-year installment loan with an interest rate of 9.4% in the amount of $9,640. What is the total cost of the boat after six years?

$12,649.68

$13,824.68

$11,831.61

$10,546.16

+2

Answers (1)

Know the Answer?

Brennen Curtis · Answer 1

The calculation in this question is simple but you need to look through it to get it right. So, The answer in this question is $11,831.61

How do we get the answer? First we need to multiply the price of the boat to the interest rate which is 9.4%

$10,815 *.094 = $1,061.61

next we need to add how much is the interest of the boat in the price of the boat.

$10,815 + $1,061.61 = $11,831.61

Flint purchased a boat for $10,815. He made a down payment of $1,175. He applied for a six-year installment loan with an interest rate of 9.4% in the amount of $9,640. What is the total cost of the boat after six years?$12,649.68$13,824.68$11,831.61$10,546.16

Flint purchased a boat for $10,815. He made a down payment of $1,175. He applied for a six-year installment loan with an interest rate of 9.4% in the amount of $9,640. What is the total cost of the boat after six years?

$12,649.68

$13,824.68

$11,831.61

$10,546.16