Ryan wishes to purchase a new boat and can afford monthly payments of up to $600 per month. Finance is available, and the terms are that the loan lasts for 10 years and the annual interest rate is 15%. What is the maximum price for a boat that Ryan's budget can afford?
Round your answer to the nearest hundred dollars.
Do NOT round until you have calculated the final answer.

Question

01-10-2022
Mathematics

Answered

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Ryan wishes to purchase a new boat and can afford monthly payments of up to $600 per month. Finance is available, and the terms are that the loan lasts for 10 years and the annual interest rate is 15%. What is the maximum price for a boat that Ryan's budget can afford?
Round your answer to the nearest hundred dollars.
Do NOT round until you have calculated the final answer.

Sagot :

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