John agrees to 3 years of month-end payments of $854.25 to pay off the balance of a used boat purchase. The interest on the debt is 2.90% compounded quarterly.

a) If John made a down payment of 5,300, what is the purchase price of the boat?

Round final dollar answer to 2 decimal places.

Mode=

N=

1/Y = 2.90

P/Y =

C/Y =

PV =

PMT =

FV =

Purchase price =

b) How much will John pay including the downpayment?

Total payments =

How much is the interest?

I=