Keenan is purchasing a new boat that sells for $56,214, including taxes and fees. He receives $17,000

Question:

Keenan is purchasing a new boat that sells for $56,214, including taxes and fees. He receives $17,000 as a trade-in on his old boat and uses the money as a down payment. Keenan finances the balance and has monthly payments of $767.29 for 60 months.

(a) What finance charge does Keenan pay?

(b) What is the APR to the nearest half percent?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

A Survey of Mathematics with Applications

ISBN: 978-0134112107

10th edition

Authors: Allen R. Angel, Christine D. Abbott, Dennis Runde

See More Books

Question Posted: Jan 28, 2019 07:30 AM

See More Questions

Clark and Julie Anderson are interested in purchasing a new boat and have limited their choice to one of three boats manufactured by Sea Ray, Inc.: the 220 Bowrider the 230 Overnighter, and the 240...
At a small but growing airport, the local airline company is purchasing a new tractor for a tractor-trailer train to bring luggage to and from the airplanes. A new mechanized luggage system will be...
Janet is purchasing a new house for $315,000. Her credit union requires her to make a 20% down payment, and the current mortgage rate is 6%. Janet is exploring different 10-year mortgage payment...
One popular activity that tourists participate in when they visit Alaska is panning for gold. A gift shop by the panning center sells blocks of clay. The packaging on the clay claims that one in five...
Software Incorporated is a sales and use tax software vendor that provides customers with a license to download and use its software on their machines. Software retains ownership of the software. It...
Which of the following attributes returns the name of an element? (a) elementName (b) name (c) tagName (d) getName
A thin-walled, uninsulated 0.4-m-diameter duct is used to route chilled air at $0.07 \mathrm{~kg} / \mathrm{s}$ through the attic of a large commercial building. The attic air is at \(37^{\circ}...
Parallel flow of atmospheric air over a flat plate of length L = 3 m is disrupted by an array of stationary rods placed in the flow path over the plate. Laboratory measurements of the local...
For your assessor's reference, indicate below which state/territory you are currently based or located in by ticking the box that corresponds to your answer. you must refer to the laws, regulations,...
Many states have daily lotteries, which are played as follows: Sometime during the day, you buy a lottery ticket, on which the seller inscribes a number you choose, between 000 and 999. That night...
Ilga purchased a new computer on a monthly purchase plan. The computer sold for $1495. Ilga paid 5% down and $64 a month for 24 months. (a) What finance charge did Ilga pay? (b) What is the APR to...
Mr. and Mrs. Chan want to buy furniture that has a cash price of $3450. On the installment plan, they must pay 25% of the cash price as a down payment and make six monthly payments of $437. (a) What...
An electron from the sun with a speed of 1 10 7 m/s enters the earth's magnetic field high above the equator where the magnetic field is 4 10 7 T. The electron moves nearly in a circle except for a...
Return to Figure 9.2. Suppose P 0 is $10 and P 1 is $11. Suppose a new firm with the same LRAC curve as the incumbent tries to break into the market by selling 4,000 units of output. Estimate from...
What is a margin requirement?
What are two ratios that measure market value for publicly traded investor-owned businesses?
What are the differences between shares that Tenet Healthcare sells in the primary market and its shares being sold in the secondary market?
Why is it useful?
To study the relationship between inflation and yield on common stock, Bruno Oudet¡ used the following model: where L = real per capita monetary base Y = real per capita income I = the expected...
The ultimate goal of Google, Bing, and other consumer search engines is to provide users with search listings that contain useful information on the topic of their search. What recommendations would...
A nutritionist compared the effectiveness of an online diet program to that of an in-person diet program. After three months, she compared the number of pounds of weight lost. The control group...
An elementary education researcher was interested in seeing how the color used to make corrections on students papers affected their self-esteem. He assembled first graders and asked them to take a...
Given M 1 = 13, M 2 = 18, s M1M2 = 1.48, and t cv = 2.015, (a) Calculate the 95% confidence interval for the difference between population means, and (b) Based on the confidence interval, decide if...
Electric energy units are often expressed in "kilowatt-hours." (a) Show that one kilowatt-hour (k Wh) is equal to 3.6 x 10 J. (b) If a typical family of four uses electric energy at an average rate...
What are the ethical and safety implications of deadlocks in critical infrastructure systems, such as power grids or medical devices, and what measures can be taken to ensure high reliability and...
Discuss the economic rationale for fiscal decentralisation with reference to the Tiebout model. How would you characterise the empirical support for the model's implications?

Keenan is purchasing a new boat that sells for $56,214, including taxes and fees. He receives $17,000

Question:

Step by Step Answer:

a Down payment 17000 Amount financed 56214 17000 39214 Total installment price 7672960 46...View the full answer

A Survey of Mathematics with Applications

Students also viewed these Mathematics questions