Price of the boat is the same at both dealerships

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Fatima wants to buy a boat that is available at two dealerships. The price of the boat is the same at both dealerships. Middlefield Motors would let her make quarterly payments of 1,180 dollars for 9 years at a quarterly interest rate of 2.92 percent. Her first payment to Middlefield Motors would be due in 3 months. If Fairfax Boats would let her make equal monthly payments for 4 years at a monthly interest rate of 0.55 percent and if her first payment to Fairfax Boats would be today, then how much would each monthly payment to Fairfax Boats be?

Reference no: EM131832591

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