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

step-by-step explanation:

ok one would be money, and the other would be refreshments or something similar. if each bag of popcorn is 5.00 and each drink is half of that that means drinks are 2.50 the proper way to do that would to look and see how much of each you can buy without exceeding a limit of 30.00