Rush trainer purchased a houseboat for $165,000. the financing company requires a 15% down payment for a 30-year loan at 7%. at the end of 30 years, what will be the total amount of interest charged? (hint: first subtract the down payment from the purchase price to find the amount to be financed.)

The total amount of interest charged is $195,507.6

Step-by-step explanation:

Total Amount = $165000 , No. of months = 12×30 = 360 months ,Down Payment Rate = 15%

Monthly Payment for $1000 loan on 7% interest rate = $6.65

⇒ Total Interest Charged = $195,507.6

it's equivalent, so we can say that its equal.

let's call the denominator x and the numerador is 18 less then denominator, x - 18.

multiply

2.x = 5.(x - 18)

2x = 5x - 90

90 = 5x - 2x

90 = 3x

x = 90/3

x = 30

so: