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17 August, 22:09

James purchased a ski boat costing $12,100 with $1,000 down and loan

payments of $500 per month for 24 months. Find the total installment cost.

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  1. 17 August, 22:21
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    Total installment cost is $13,000

    Step-by-step explanation:

    Total installment comprises of two components which the down payment made at the beginning of the credit purchase and the total of all monthly repayments.

    Down payment=$1000

    $500 payment is expected monthly for 24 months which effectively means $12,000 ($500*24)

    Total installment cost=$1,000+$12,000=$13,000

    In a nutshell the total installment cost of the ski boat is $13,000
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