mr.thomas wants to buy a boat. he must make 548 monthly payments to pay back the amount he borrowed, plus interest. his monthly payment is $161.85. what other information is necessary to determine the amount of money mr.thomas borrowed from the bank
We need to know how much interest will be paid during those 548 payments of 161.85. The total of all 548 payments is $88693.80 minus the interest would be the initial amount borrowed. :)
