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August 28, 2014

August 28, 2014

Posted by **Jassie** on Saturday, December 1, 2012 at 6:49am.

(i) the amount of interest using the constant ratio formula,

(ii) the monthly payment,

(iii) the installment price of the speed boat

- Instalment purchases -
**Reiny**, Saturday, December 1, 2012 at 10:53amI am not familiar with some of the terms in your question, but ...

amount to be financed = 60000(.7) = 42000

let the payment be p

i = .06/12 = .005

n = 5(12) = 60

42000 = p (1 - 1.005)^-60)/.005

p = 811.98

The monthly payment is 811.98

See what you can do with that.

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