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Question Paul is buying a new boat for style=”color:rgb(0,0,0);background-color:transparent;”>​$15,000. He makes a ​$2,000 down payment and the dealer gives him an​ add-on loan, charging him an annual interest rate of 8.6​%. If he takes out a 4​-year ​loan, what will​ Paul’s monthly payments​ be?

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Question

Paul is buying a new boat for  style=”color:rgb(0,0,0);background-color:transparent;”>​$15,000. He makes a ​$2,000 down payment and the dealer gives him an​ add-on loan, charging him an annual interest rate of 8.6​%. If he takes out a 4​-year ​loan, what will​ Paul’s monthly payments​ be?

 
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