Mia Is Buying A Boat. She Can Make A Down Payment Of $2,000. She Wants To Pay Off The Boat In 3 Years. She Can Not Afford Monthly Payments Over $300,

Mia is buying a boat. She can make a down payment of $2,000. She wants to pay off the boat in 3 years. She can not afford monthly payments over $300, what is the most she can pay for the boat

 

Answer:

$12,800

Computation:

Given that Mia can

  • make a down payment of $2,000.
  • pay off the boat in 3 years.
  • afford monthly payments not over $300.

Let n represent the amount at most Mia can pay for the boat.

n=\$2,000+(\frac{\$300}{\diagdown\!\!\!\!\!mo}*\frac{12\:\diagdown\!\!\!\!\!mos}{\diagdown\!\!\!\!\!yr}*3\:\diagdown\!\!\!\!\!yrs)=\$2,000+(\$10,800)=\boxed{\$12,800}


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