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March 28, 2017

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Earl Miller plans to buy a boat for $19,500 with an interest charge of $2,500. Earl figures he can afford a monthly payment of $650. If Earl has to pay 36 equal monthly payments, by how much can he afford the boat per month

  • math - ,

    since they've given the total amount of interest, just add it to the principal and divide by 36.

    (19500+2500)/36 = 611.11

    Looks like he has $38.89/month to spare.

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