3. henry buys a large boat for the summer, however, he cannot pay the full amount of $32,000 at
once. he puts a down payment of $14,000 for the boat and receives a loan for the rest of the
payment of the boat. the loan has an interest rate of 5.5% and is to be paid out over 4 years.
what is henry’s monthly payment, and how much does he end up paying for the boat overall?
4. julie spends $634.90 using her credit card during the duration of her monthly credit card
statement (march 4th to april 4th). by may 4th she still hasn’t paid off her credit card balance and
has spent another $712.18. what is the credit card balance after the two months if her card has
an interest rate of 21.99%?
5. the jameses take out a mortgage on their $470,000 home. the mortgage has an interest rate of
4.6% and is amortized over 30 years by making monthly payments. how much will the james be
paying each month on their home mortgage?