Boat Loan Monthly Payment
How to find the down payment? More information * inside *?
In my math class everyday living being, we must answer this question. Loan used boat for $ 12,000. Down payment of 25 percent. A 14 per cent in April to 36 months (3.42 seconds which is our text). 1) What is the signal? 2) What is the loan amount? 3) What are the monthly payments? 4) What is the financial burden? I just want to see if I had that right. I have my answers. But I want to see if I'm doing this right before I continue.
1. 25%, or 0.25 times $ 12,000 is $ 3000. So far, all well. 2. Here's where it gets tricky. You have to subtract the advance of the total price for the loan amount. You only get a loan for the amount you have not paid yet, so you only need $ 9,000 more for the loan. 3. The interest is equal to the interest rate times the length of the loan, or i = prt (principal, interest rate x time = x). The principal, or the loan amount is $ 9000. The rate is 14%. Forget about April, but has no relationship with this equation. The time is 3 years (36 months divided by 12 months in a year). For this purpose, interest on this loan will be 0.14 x 9000 x 3, or $ 3780. 3. If you add the loan amount and interest, then divide by 36 you end up with payments of $ 355 per month. 4. A finance charge is that the traffic will bear. If your credit institution is charging an interest rate and financing on top of that, find another lender. The time is coming, great rooked. Also, if you're paying 14% on a boat loan, you should be dealing with a pawnbroker. The going rate today is 6.5% or less.
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