CIPD QUESTIONS

At a recent boat show, Riverside Bank was offering boat

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At a recent boat show, Riverside Bank was offering boat loans for up to 5 years, with APRs of 13.5%. On new boats, a 20% down payment was required. Perry Jones wanted to finance a $55,000 boat for 5 years.
a. What would be the finance charge on the loan?
b. What would be the amount of the monthly payment?

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At a recent boat show, Riverside Bank was offering boat

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