Sure, let's break down the problem step by step.

### Part (a): Total Amount Paid

1. **Down Payment:**
Rita made an initial down payment of $4500.

2. **Monthly Payments:**
She paid $307.27 per month for 5 years. First, we need to calculate the total number of monthly payments:
$$
\text{Total number of monthly payments} = 5 \text{ years} \times 12 \text{ months/year} = 60 \text{ months}
$$

3. **Total Monthly Payments:**
Now, calculate the total amount paid through monthly payments:
$$
\text{Total monthly payments} = 307.27 \text{ dollars/month} \times 60 \text{ months} = 18436.20 \text{ dollars}
$$

4. **Total Amount Paid:**
Add the down payment to the total monthly payments to get the total amount Rita paid for the fishing boat:
$$
\text{Total amount paid} = 4500 \text{ dollars} + 18436.20 \text{ dollars} = 22936.20 \text{ dollars}
$$

So, the total amount Rita ended up paying for the fishing boat is:
$$
\boxed{22936.20 \text{ dollars}}
$$

### Part (b): Interest Paid

1. **Loan Amount:**
The loan amount is the cost of the boat minus the down payment:
$$
\text{Loan amount} = 21600 \text{ dollars} - 4500 \text{ dollars} = 17100 \text{ dollars}
$$

2. **Total Amount Paid on Loan:**
We already calculated the total amount paid through monthly payments:
$$
\text{Total monthly payments} = 18436.20 \text{ dollars}
$$

3. **Interest Paid:**
The interest paid is the total amount paid on the loan minus the principal (loan amount):
$$
\text{Interest paid} = 18436.20 \text{ dollars} - 17100 \text{ dollars} = 1336.20 \text{ dollars}
$$

So, the amount of interest Rita paid on the loan is:
$$
\boxed{1336.20 \text{ dollars}}
$$

Question

Sure, let's break down the problem step by step.

### Part (a): Total Amount Paid

1. **Down Payment:**
   Rita made an initial down payment of $4500.

2. **Monthly Payments:**
   She paid $307.27 per month for 5 years. First, we need to calculate the total number of monthly payments:
   $$
   \text{Total number of monthly payments} = 5 \text{ years} \times 12 \text{ months/year} = 60 \text{ months}
   $$

3. **Total Monthly Payments:**
   Now, calculate the total amount paid through monthly payments:
   $$
   \text{Total monthly payments} = 307.27 \text{ dollars/month} \times 60 \text{ months} = 18436.20 \text{ dollars}
   $$

4. **Total Amount Paid:**
   Add the down payment to the total monthly payments to get the total amount Rita paid for the fishing boat:
   $$
   \text{Total amount paid} = 4500 \text{ dollars} + 18436.20 \text{ dollars} = 22936.20 \text{ dollars}
   $$

So, the total amount Rita ended up paying for the fishing boat is:
$$
\boxed{22936.20 \text{ dollars}}
$$

### Part (b): Interest Paid

1. **Loan Amount:**
   The loan amount is the cost of the boat minus the down payment:
   $$
   \text{Loan amount} = 21600 \text{ dollars} - 4500 \text{ dollars} = 17100 \text{ dollars}
   $$

2. **Total Amount Paid on Loan:**
   We already calculated the total amount paid through monthly payments:
   $$
   \text{Total monthly payments} = 18436.20 \text{ dollars}
   $$

3. **Interest Paid:**
   The interest paid is the total amount paid on the loan minus the principal (loan amount):
   $$
   \text{Interest paid} = 18436.20 \text{ dollars} - 17100 \text{ dollars} = 1336.20 \text{ dollars}
   $$

So, the amount of interest Rita paid on the loan is:
$$
\boxed{1336.20 \text{ dollars}}
$$

Knowee AI · Accepted Answer

Sure, let's break down the problem step by step.

### Part (a): Total Amount Paid

1. **Down Payment:**
   Rita made an initial down payment of $4500.

2. **Monthly Payments:**
   She paid $307.27 per month for 5 years. First, we need to calculate the total number of monthly payments:
   $$
   \text{Total number of monthly payments} = 5 \text{ years} \times 12 \text{ months/year} = 60 \text{ months}
   $$

3. **Total Monthly Payments:**
   Now, calculate the total amount paid through monthly payments:
   $$
   \text{Total monthly payments} = 307.27 \text{ dollars/month} \times 60 \text{ months} = 18436.20 \text{ dollars}
   $$

4. **Total Amount Paid:**
   Add the down payment to the total monthly payments to get the total amount Rita paid for the fishing boat:
   $$
   \text{Total amount paid} = 4500 \text{ dollars} + 18436.20 \text{ dollars} = 22936.20 \text{ dollars}
   $$

So, the total amount Rita ended up paying for the fishing boat is:
$$
\boxed{22936.20 \text{ dollars}}
$$

### Part (b): Interest Paid

1. **Loan Amount:**
   The loan amount is the cost of the boat minus the down payment:
   $$
   \text{Loan amount} = 21600 \text{ dollars} - 4500 \text{ dollars} = 17100 \text{ dollars}
   $$

2. **Total Amount Paid on Loan:**
   We already calculated the total amount paid through monthly payments:
   $$
   \text{Total monthly payments} = 18436.20 \text{ dollars}
   $$

3. **Interest Paid:**
   The interest paid is the total amount paid on the loan minus the principal (loan amount):
   $$
   \text{Interest paid} = 18436.20 \text{ dollars} - 17100 \text{ dollars} = 1336.20 \text{ dollars}
   $$

So, the amount of interest Rita paid on the loan is:
$$
\boxed{1336.20 \text{ dollars}}
$$

Question

Solution

Part (a): Total Amount Paid

Part (b): Interest Paid

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