At a recent boat show, Nautica Bank was offering add-on interest installment boat loans for up to

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At a recent boat show, Nautica Bank was offering add-on interest installment boat loans for up to 5 years with an APR of 16.5%. On new boats, a 20% down payment was required. Scott Vaughn wanted to finance a $65,000 boat for 5 years.

What would be the finance charge on the loan (in $)?

What would be the monthly payment (in $) ?

Related Book For answer-question

Advanced Financial Accounting

ISBN: 978-0137030385

6th edition

Authors: Thomas Beechy, Umashanker Trivedi, Kenneth MacAulay

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Posted Date: Apr 04, 2024 06:49 AM

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At a recent boat show, Nautica Bank was offering add-on interest installment boat loans for up to

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To calculate the finance charge and monthly payment for Scott Vaughns boat loan we can follow these ... View the full answer

Advanced Financial Accounting

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