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R#9: A sailboat costs $19,651. You pay 5% down and amortize the rest with equal...

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Finance

R#9:

A sailboat costs $19,651. You pay 5% down and amortize the rest with equal monthly payments over a 9-year period. If you must pay 7.2 % compounded monthly, what is your monthly payment? How much interest will you pay?

Monthly payments:

(Round to two decimal places.)

Interest:

(Round to two decimal places.)

Answer & Explanation Solved by verified expert
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