At a recent boat show, Nautica Bank was offering add-on interest installment boat loans for up to 5 years with an APR of 12.5%. On new boats, a 20% down payment was required. Scott Vaughn wanted to finance a $95,000 boat for 5 years. What would be the finance charge on the loan (in $)? What would be the monthly payment (in $)? (Round your answer to the nearest cent.)
Mortgages
A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.
Mortgage
The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.
At a recent boat show, Nautica Bank was offering add-on interest installment boat loans for up to 5 years with an APR of 12.5%. On new boats, a 20% down payment was required. Scott Vaughn wanted to finance a $95,000 boat for 5 years.
What would be the finance charge on the loan (in $)?
What would be the monthly payment (in $)? (Round your answer to the nearest cent.)
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