1. Explain the steps in the following statement:

Statement Jill Roger borrowed $16,000 to buy a new boat. Assuming an interest charge of $2,900 what will be her monthly payment if she takes 30 months to repay the loan (+interest). Assume the loan is repaid in equal payments. Jill has a monthly salary of $900

Defining the problem-

Development a model-

Acquiring Input Data-

Developing a Solution-

Testing the Solution-

Analyzing the Results-

Implementing the Results-