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Calculate the cost of financing

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Question - You bought a new boat. You made a down payment of $5,000 plus will pay $200 every two weeks (26 times/year) for 4 years starting in two weeks. The interest rate on the boat loan is 2.9% compounded monthly.

(a) What is the cash price (selling price) of the boat? Express your answer in 2 decimal places.

(b) Calculate the cost of financing. Express your answer in 2 decimal places.

Reference no: EM132898233

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