John Sullivan bought a new Brunswick boat for $17,000. He made a $2,500 down payment on it. The bank's loan was for 60 months. Finance charges totaled $4,900. His monthly payment is:

John Sullivan bought a boat for $17,000.

He made a downpayment of $2,500, thus remaining amount to be paid is:

Amount = $17,000 - $2,500

Amount = $14,500

But, additional charges has added:

Amount w / add charges = $14,500 + $4900

Amoun w / add chargers=$ 19,400

He need to pay this amount within 60 months, thus, his monthly payment is shown below:

Monthly Payment=$19, 400/60

Monthly Payment = $323.33