Answer:
Total installment cost is $13,000
Step-by-step explanation:
Total installment comprises of two components which the down payment made at the beginning of the credit purchase and the total of all monthly repayments.
Down payment=$1000
$500 payment is expected monthly for 24 months which effectively means $12,000($500*24)
Total installment cost=$1,000+$12,000=$13,000
In a nutshell the total installment cost of the ski boat is $13,000
