Business Finance

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Earl Miller plans to buy a boat for $19,500 with an interest charge of $2500. 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?

  • Business Finance -

    M.P. = (P+I)/N \=(19500+2500) / 36= $611.11 = Monthly payments.

    Margin = 650 - 611.11 = $38.89.

  • Business Finance -

    thanks

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