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At a recent boat show, Nautica Bank was offering add-on interest installment boat loans for up to 5 years with an APR of 16.5%. On
At a recent boat show, Nautica Bank was offering add-on interest installment boat loans for up to 5 years with an APR of 16.5%. On new boats, a 20% down payment was required. Scott Vaughn wanted to finance a $65,000 boat for 5 years.
What would be the finance charge on the loan (in $)?
What would be the monthly payment (in $) ?
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Advanced Financial Accounting
Authors: Thomas Beechy, Umashanker Trivedi, Kenneth MacAulay
6th edition
013703038X, 978-0137030385
