Jessica desperately wants to buy a boat but she is unsure, Finance Basics

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Jessica desperately wants to buy a boat but she is unsure

Question: Jessica desperately wants to buy a boat, but she is unsure if she can afford the monthly payments. The boat she wants to buy costs $27,000, and she plans to make a down payment of $2,000. If the term of her loan is four years with a 5.6% interest rate, what will her monthly payment be?

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