Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. you purchase a boat for $35,000 and pay $5,000 dow

You purchase a boat for $35,000 and pay $5,000 down. You also agree to pay the...

50.1K

Verified Solution

Question

Finance

You purchase a boat for $35,000 and pay $5,000 down. You alsoagree to pay the rest over the next 10 years in 10 equal end of theyear payments plus 13 percent compound interest on the unpaidbalance.

What will be the amount of each payment?

-monthly rate?

-number of payments?

-down payment?

-total loan amount?

Please show work in excel

Answer & Explanation Solved by verified expert
4.4 Ratings (589 Votes)
The answers can be calculated using PMT formula in excel or using the formula of Equated Annual Installment Loan Amount 30000 Loan Term Years 10    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Operations Management
1.2K views

Compare and contrast captive pricing and product bundle pricing.

Physics
1.2K views

Problem 2 A block of mass 1 kg is sitting on top of a compressed spring...

Psychology
1.2K views

Critical thinking is ?

General Management
1.2K views

Agree or disagree with this statement and why: All employees should be nonexempt so they are...

Geometry
1.2K views

Triangle JKL is similar to triangle PQR Solve for t J 4 5 5 1...

Statistics
1.2K views

Select the answer that provides the z component of the Cartesian vector 101 8k 10...

Algebra
1.2K views

Perform the elementary row operation 45 2 531 15 Resulting matrix 1 18 RR on...

Accounting
1.2K views

what are Batch processing systems

Accounting
1.2K views

9. Blossom Bus Lines uses the units-of-activity method in depreciating...

Accounting
1.2K views

La Tienda Xtra cuenta con un Departamento de Recursos Humanos y un Departamento de Conserjera...

Accounting
1.2K views

Please finish both parts! Required information [The following information applies...

Accounting
1.2K views

Consider a normal population with a mean of 10 and a variance of 4 ....