Manuel Purchased a Boat for $2,000 Down with the Balance

question 8

Essay

Manuel purchased a boat for $2,000 down with the balance to be paid by 36 monthly payments of $224.58 including interest at 10% compounded monthly.
a) What was the purchase price of the boat?
b) What is the balance owed just after the ninth payment?

---

Definitions:

Freud's Unconscious

A theory by Sigmund Freud which posits that part of the human mind is inaccessible to the conscious mind but affects thoughts and behavior.

Aggressiveness

Behavior characterized by anger or hostility, which can be physical or verbal, directed towards others or oneself.

Repressed Hostility

Unconscious anger and resentment that is suppressed and not outwardly expressed, thought to contribute to psychological distress.

Learning Experiences

Refers to the process of acquiring knowledge or skills through study, experience, or being taught.