WORD PROBLEMS PLEASE HELP ASAP!

Question

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?

Answer 1

3) The monthly payment is $416.71, The total amount spent for the boat was $14,000 (down payment) + 48*$416.71 = $34,002.08

4) She had to pay the interest on the amount not paid for the first month = $634.9*(.2199/12) = $11.63

Then she has to pay the interest on the total of $634.90 + $712.18 = $1,347.08*(.2199/12) = $24.69

And she has to pay off the principal = $1,347.08

Total = $1,383.40

5) The monthly payment is $2,400.23

*Loan payment amounts calculated using the PMT function in EXCEL.