A family purchased a new ski boat for $20,000. The loan agency required a down payment and financed the balance for 36 months with an APR of Determine the total finance charge and monthly payment for the loan.
What was the down payment?
Wry
To determine the total finance charge and monthly payment for the loan, we need to know the down payment amount, the loan balance, and the annual percentage rate (APR). However, the APR value is missing from your question.
Please provide the APR so that I can assist you in calculating the total finance charge and monthly payment for the loan.