Answer:
(a) The total amount paid for the boat by Jina is $16,753.8 (b) the total interest paid on loan is $953.8.
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Step-by-step explanation:
Solution
Given that
The fishing boat price =15,800
Jina made a down payment of =$3600 (took out the loan for the rest)
Thus
The rest amount = Loan amount
= (15,800 - 3600)
=$12,200
Now
Jina monthly payments = $219.23 for 5 years
Jina total payment = $219.23 * 12 * 5
=$13,153.8
Thus
Jina 's down time payment + Total payment of loan becomes:
=( $13,153.8 + $3600)
=$16,753.8
(a) Jina's total amount paid for the boat is $16,753.8
(b) The total interest paid on loan is given below:
=($16,753.8 - $15,800)
= $953.8
