Answer:
The answer is "Option a"
Step-by-step explanation:
dune buggy cost [tex]=\$8,800\\\\[/tex]
down payment[tex]=\$1,200[/tex]
Calculating net principle [tex](P)=\$(8,800-1,200)=\$7,600[/tex]
time[tex]=3 \ years= 36 \ months\\\\[/tex]
rate[tex]= 15\%[/tex]
Calculating the sample interest:
[tex]I=\frac{ptr}{100}[/tex]
[tex]=\frac{7,600 \times 3 \times 15}{100}\\\\=76 \times 3 \times 15\\\\=76 \times 45\\\\=3420[/tex]
Calculating the total amount payases:[tex]=A=P+I=\$(7,600+3,420)=\$11,020[/tex]
Calculating monthly loan payments:
[tex]=\frac{A}{36}=\frac{11,020}{36}=\$306.11[/tex]
