Elbert purchased a boat for $13,125. He made a down payment of $4,500. He applied for a four-year installment loan with an interest rate of 9.3%. What is the total cost of the boat after four years? $15,767.47
$10,361.48
$14,345.63
$14,861.48
This question is incomplete.
The most glaring piece of missing information is how often are the instalments made.
I guess it is fair to assume the the interest is reducing.
♬ ♬ MELODY ♬ ♬
