67. fran wants to purchase a new boat. she starts looking for a boat around $6,000. fran creates a budget and thinks that she can afford $250 every month for 2 years. her bank charges her 5% interest per year, compounded monthly.
1. what is the actual monthly payment for fran’s loan?

So, the actual payment for the Fran's loan is $263.23.

Step-by-step explanation:

Cost of boat = $6,000

Her bank charges interest per year = 5%

Let, The actual monthly payment for the Fran's loan = r

6000 = r(\frac{1-(1+\frac{0.05}{12})^-24}{\frac{0.05}{12}})

then,

r = 6000(\frac{\frac{0.05}{12}}{1-(1+\frac{0.05}{12})^-24})

r = 263.23

3655 inches long

Step-by-step explanation:

If one piece of wood is 42.5 in then if you times it by 86 boards you get 3655 inches long. If it needs to be in feet then divide 3655 by 12 (the remainder will be inches)