42. A recreational vehicle costs $80,000. You pay 10% down andamortize the rest with equal monthly payments over a 7-yearperiod. If you pay 9.25% compounded monthly, what is yourmonthly payment? How much interest will you pay?

From the given information:Cost of vehicle = $80,000Down payment amount = 10% = 10% of 80,000 =…

Answered: 42. A recreational vehicle costs…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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42. A recreational vehicle costs $80,000. You pay 10% down and amortize the rest with equal monthly payments over a 7-year period. If you pay 9.25% compounded monthly, what is your monthly payment? How much interest will you pay?