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

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.

To calculate how much Earl can afford to pay the boat per month, we need to subtract the interest charge from the total cost of the boat and then divide it by the number of monthly payments.

Total cost of the boat = Boat price + Interest charge
Total cost of the boat = $19,500 + $2,500 = $22,000

Monthly payment = Total cost of the boat / Number of monthly payments
Monthly payment = $22,000 / 36 = $611.11

Therefore, Earl can afford to pay $611.11 per month for the boat.

To find out how much Earl can afford to pay per month, we need to calculate his total repayment amount over the 36-month period.

The total repayment amount is the sum of the boat price and the interest charge.
Total repayment amount = Boat price + Interest charge
Total repayment amount = $19,500 + $2,500
Total repayment amount = $22,000

Now, to find the monthly payment amount, we divide the total repayment amount by the number of months.
Monthly payment amount = Total repayment amount / Number of months
Monthly payment amount = $22,000 / 36
Monthly payment amount ≈ $611.11 (rounded to the nearest cent)

Therefore, Earl can afford to pay approximately $611.11 per month towards the boat.