If you purchase a fishing boat for 18 monthly payments of $106 and an interest charge of $238, how much is the refund after 10 payments?
To calculate the refund after 10 payments, we will calculate the total amount paid after 10 payments and subtract it from the total cost of the fishing boat plus interest.
The total cost of the fishing boat can be calculated by multiplying the monthly payments by the number of payments:
$106 * 18 = $1908
To calculate the total amount paid after 10 payments, we multiply the monthly payment by the number of payments made:
$106 * 10 = $1060
To find the refund amount, we subtract the total amount paid from the total cost of the fishing boat:
$1908 - $1060 = $848
Therefore, the refund after 10 payments would be $848.