## Jim wants to purchase a used boat. The price is $8,000 cash or $1,200 down and 18 monthly payments of $429.00. Jim decided to finance the bo

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## Answers ( No )

The price for the boat is $8000 if paid in cash.

Jim chose to finance the purchase.

Money down = $1200, therefore

The amount financed = $8000 – $1200 = $6800

There are 18 monthly payments of $429, therefore

Total monthly payments = 18*$429 = $7722

Total finance charge = $7722 – $6800 = $922

Answers:

Amount financed = $6,800

Total monthly payments = $7,711

Total finance charge = $922