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help me please! 28. You are purchasing a jet boat, and you have determined that you can afford a payment of $250 per month for
help me please!
28. You are purchasing a jet boat, and you have determined that you can afford a payment of $250 per month for 6 years at 6.5% interest per year. a) (4 pts) How much can you borrow from the bank for your jet boat? -72 0.065 12 p=250[ 50.05 :-(1.00347 = $14875.5 12 x 6-77 b) (2 pts) How much will you actually pay back to the bank for the jet boat? ZSOX6XP2 18000-14875.33=3124.97 c) (2 pts) How much interest will you pay? d) (4 pts) What is the effective rate for this loan? 12 ** (Itoires) 0.06G = 6.69 12Step by Step Solution
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