mr.thomas wants to buy a boat. he must make 548 monthly payments to pay back the amount he borrowed, plus interest. his monthly payment is $161.85. what other information is necessary to determine the amount of money mr.thomas borrowed from the bank
What is the interest rate?
Tell Mr. Thomas it's ridiculous to take over 45 years to pay off this boat.
To determine the amount of money Mr. Thomas borrowed from the bank, we need to know the interest rate and the loan term (number of months). Without this information, it is not possible to calculate the principal amount. Please provide the interest rate and the loan term in months.
To determine the amount of money Mr. Thomas borrowed from the bank, we need to know the total number of payments he will make and the interest rate on the loan. Given that Mr. Thomas must make 548 monthly payments and his monthly payment is $161.85, we need additional information regarding the interest rate.
Please provide the interest rate on Mr. Thomas's loan so we can calculate the amount he borrowed from the bank.