Sunday, July 10, 2011

Tough interest question!?

A boat costs, $24,000. You pay 15% down and amortize the rest with equal monthly payments over a 20-year period. If you must pay 7.95% compounded monthly, what is your monthly payment? How much total interest will be paid over the 20 years? Find the interest paid during the first year of this loan. find the interest paid during the second year of this loan.

No comments:

Post a Comment