Asked by Quinn
6. Barry bought a boat two years ago and at that time paid a down payment of $10000 cash. Today he must make the second and final payment of $7500, which includes the interest charge on the balance owing. Barry financed this purchase at 13.7%/a. Determine the purchase price of the boat?
Answers
Answered by
Scott
[1 + (2 * .137)] * (p - 10000) = 7500
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