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What is the total cost of the boat after six years

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Problem 1: Frank purchased a boat for $7,525. He made a down payment of $475. He applied for a six-year installment loan with an interest rate of 8.4% in the amount of $7,050. What is the total cost of the boat after six years?

A. $7,642.20
B. $8,157.10
C. $8,999.28
D. $9,474.28

Reference no: EM132746015

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