Henry buys a large boat for the summer, however he cannot pay the full amount of $32,000 at
once. he puts a down payment of $14,000 for the boat and receives a loan for the rest of the
payment of the boat. the loan has an interest rate of 5.5% and is to be paid out over 4 years.
what is henry’s monthly payment, and how much does he end up paying for the boat overall?

Monthly payments=$418.14

Total amount will be=down payment + 48×$418.14

$14000+$20070.84=$34070.84

Step-by-step explanation:

Loan payment per month=Amount to pay÷discount factor

Mathematically  P=A÷D

where D is the discount factor calculated using the formula;

where i=periodic interest rate=annual rate divided by number of payment periods

A is the amount to pay after downpayment

P is the loan monthly payment amount

n=number of periodic payments=payments per year times number of years

⇒In this question you find the discount factor then divide the amount remaining to pay with the discount factor to get monthly payments

Given;

Cost of boat=$32000

Down payment=$14000

Loan to pay=$32000-$14000=$18000

Annual rate=5.5%=i=5.5%÷12=0.458%⇒0.00458

Periodic payments, n=4×12=48

Finding the discount factor D;

To get the amount to pay monthly divide the loan to pay with the discount factor

Monthly payments=$418.14

Total amount will be=down payment + 48×$418.14

$14000+$20070.84=$34070.84

15

step-by-step explanation:

we are given the following expression and we are to solve it and find the product:

-13 × (-5)

solving the given expression in the standard order of solving a mathematical expression, beginning with the opening of brackets and then multiplying the terms and changing their signs.

-3 × -5 = 15 (answer is positive because when negative is multiplied with negative, it gives a positive answer)