You want to by a boat and can afford payments of 350 per, Ask an Expert

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You want to by a boat and can afford payments of $350 per month for six years. The annual interest rate is 7% compounded monthly.

(a) What is the maximum you can spend on the boat if there is no down payment?

(b) What is the maximum you can spend on the boat if you make a down payment of $6000 at the time of purchase?

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