To pay for a \( \$ 16,200 \) fishing boat, Melissa made a down payment of \( \$ 4400 \) and took out a loan for the rest she paid monthly payments of \( \$ 212.04 \) for 5 years. (a) What was the total amount Melissa ended up paying for the fishing boat (including the down payment and monthly payments)? (b) How much interest did Melissa pay on the loan?

To solve the problem, we will break it down into two parts: ### Part (a): Total Amount Paid for the Fishing Boat 1. **Calculate the total amount paid in monthly payments:** - Monthly payment = \( \$ 212.04 \) - Number of months = \( 5 \text{ years} \times 12 \text{ months/year} = 60 \text{ months} \) - Total monthly payments = Monthly payment × Number of months 2. **Add the down payment to the total monthly payments to find the total amount paid for the fishing boat.** ### Part (b): Total Interest Paid on the Loan 1. **Calculate the total amount paid for the fishing boat from part (a).** 2. **Subtract the down payment from the total amount paid to find the total interest paid on the loan.** Now, let's perform the calculations step by step. #### Step 1: Calculate Total Monthly Payments \[ \text{Total Monthly Payments} = 212.04 \times 60 \] #### Step 2: Calculate Total Amount Paid for the Fishing Boat \[ \text{Total Amount Paid} = \text{Down Payment} + \text{Total Monthly Payments} \] #### Step 3: Calculate Total Interest Paid on the Loan \[ \text{Total Interest Paid} = \text{Total Amount Paid} - \text{Loan Amount} \] Where the loan amount is: \[ \text{Loan Amount} = \text{Total Cost} - \text{Down Payment} = 16200 - 4400 \] Now, let's perform the calculations. Calculate the value by following steps: - step0: Calculate: \(16200-4400\) - step1: Subtract the numbers: \(11800\) Calculate or simplify the expression \( 212.04 * 60 \). Calculate the value by following steps: - step0: Calculate: \(212.04\times 60\) - step1: Multiply the numbers: \(12722.4\) Calculate or simplify the expression \( 4400 + 12722.4 \). Calculate the value by following steps: - step0: Calculate: \(4400+12722.4\) - step1: Add the numbers: \(17122.4\) Calculate or simplify the expression \( 17122.4 - 11800 \). Calculate the value by following steps: - step0: Calculate: \(17122.4-11800\) - step1: Subtract the numbers: \(5322.4\) Now that we have completed the calculations, let's summarize the results: ### Part (a): Total Amount Paid for the Fishing Boat 1. **Total Monthly Payments:** \[ \text{Total Monthly Payments} = 212.04 \times 60 = 12722.4 \] 2. **Total Amount Paid:** \[ \text{Total Amount Paid} = 4400 + 12722.4 = 17122.4 \] ### Part (b): Total Interest Paid on the Loan 1. **Loan Amount:** \[ \text{Loan Amount} = 16200 - 4400 = 11800 \] 2. **Total Interest Paid:** \[ \text{Total Interest Paid} = 17122.4 - 11800 = 5322.4 \] ### Final Answers: (a) The total amount Melissa ended up paying for the fishing boat is \( \$ 17,122.40 \). (b) The total interest Melissa paid on the loan is \( \$ 5,322.40 \).