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Boat Loan Formula

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Boat Loan is a type of financing specifically designed for purchasing a boat. Similar to a car loan, it allows to spread of the cost of the boat over some time, typically several years. Check FAQs

BL = \frac{AMB \cdot R \cdot {(1 + R)}^{nplo \cdot FR}}{{(1 + R)}^{nplo \cdot FR} - 1}

BL - Boat Loan?AMB - Amount Borrowed?R - Rate of Interest per Annum?nplo - Number of Periods for a Loan Outstanding?FR - Frequency wherein the loan amount will be repaid?

Boat Loan Example

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Here is how the Boat Loan equation looks like with Values.

Here is how the Boat Loan equation looks like with Units.

Here is how the Boat Loan equation looks like.

2242.8 = \frac{4005 \cdot 0.56 \cdot {(1 + 0.56)}^{5 \cdot 8}}{{(1 + 0.56)}^{5 \cdot 8} - 1}

2242.8 = \frac{4005 \cdot 0.56 \cdot {(1 + 0.56)}^{5 \cdot 8}}{{(1 + 0.56)}^{5 \cdot 8} - 1}

2242.8 = \frac{4005 \cdot 0.56 \cdot {(1 + 0.56)}^{5 \cdot 8}}{{(1 + 0.56)}^{5 \cdot 8} - 1}

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Boat Loan Solution

Follow our step by step solution on how to calculate Boat Loan?

FIRST Step Consider the formula

BL = \frac{AMB \cdot R \cdot {(1 + R)}^{nplo \cdot FR}}{{(1 + R)}^{nplo \cdot FR} - 1}

Next Step Substitute values of Variables

∴

BL = \frac{4005 \cdot 0.56 \cdot {(1 + 0.56)}^{5 \cdot 8}}{{(1 + 0.56)}^{5 \cdot 8} - 1}

Next Step Prepare to Evaluate

∴

BL = \frac{4005 \cdot 0.56 \cdot {(1 + 0.56)}^{5 \cdot 8}}{{(1 + 0.56)}^{5 \cdot 8} - 1}

Next Step Evaluate

∴

BL = 2242.80004224805

LAST Step Rounding Answer

∴

BL = 2242.8

Boat Loan Formula Elements

Variables

Boat Loan

Boat Loan is a type of financing specifically designed for purchasing a boat. Similar to a car loan, it allows to spread of the cost of the boat over some time, typically several years.

Symbol: BL

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find Boat Loan

Amount Borrowed

Amount Borrowed refers to the total sum of money that one receives from a lender when one takes out a loan.

Symbol: AMB

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find Amount Borrowed

Rate of Interest per Annum

Rate of Interest per Annum refers to the annualized interest rate charged on a loan or investment over one year.

Symbol: R

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find Rate of Interest per Annum

Number of Periods for a Loan Outstanding

Number of Periods for a Loan Outstanding represents the number of payment periods (typically months) remaining until the loan is fully repaid.

Symbol: nplo

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find Number of Periods for a Loan Outstanding

Frequency wherein the loan amount will be repaid

Frequency wherein the loan amount will be repaid refers to how often one makes payments toward the loan balance.

Symbol: FR

Measurement: NAUnit: Unitless

Note: Value should be greater than 0.

Formulas to find Frequency wherein the loan amount will be repaid

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How to Evaluate Boat Loan?

Boat Loan evaluator uses Boat Loan = (Amount Borrowed*Rate of Interest per Annum*(1+Rate of Interest per Annum)^(Number of Periods for a Loan Outstanding*Frequency wherein the loan amount will be repaid))/((1+Rate of Interest per Annum)^(Number of Periods for a Loan Outstanding*Frequency wherein the loan amount will be repaid)-1) to evaluate the Boat Loan, Boat Loan is similar to a vehicle loan wherein the purchaser can make a down payment and pay the rest of the amount through a loan. Boat Loan is denoted by BL symbol.

How to evaluate Boat Loan using this online evaluator? To use this online evaluator for Boat Loan, enter Amount Borrowed (AMB), Rate of Interest per Annum (R), Number of Periods for a Loan Outstanding (nplo) & Frequency wherein the loan amount will be repaid (FR) and hit the calculate button.

FAQs on Boat Loan

What is the formula to find Boat Loan?

The formula of Boat Loan is expressed as Boat Loan = (Amount Borrowed*Rate of Interest per Annum*(1+Rate of Interest per Annum)^(Number of Periods for a Loan Outstanding*Frequency wherein the loan amount will be repaid))/((1+Rate of Interest per Annum)^(Number of Periods for a Loan Outstanding*Frequency wherein the loan amount will be repaid)-1). Here is an example- 2242.8 = (4005*0.56*(1+0.56)^(5*8))/((1+0.56)^(5*8)-1).

How to calculate Boat Loan?

With Amount Borrowed (AMB), Rate of Interest per Annum (R), Number of Periods for a Loan Outstanding (nplo) & Frequency wherein the loan amount will be repaid (FR) we can find Boat Loan using the formula - Boat Loan = (Amount Borrowed*Rate of Interest per Annum*(1+Rate of Interest per Annum)^(Number of Periods for a Loan Outstanding*Frequency wherein the loan amount will be repaid))/((1+Rate of Interest per Annum)^(Number of Periods for a Loan Outstanding*Frequency wherein the loan amount will be repaid)-1).

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Boat Loan Formula

Boat Loan Example

Boat Loan Solution

Boat Loan Formula Elements

Other formulas in Investment Banking category

How to Evaluate Boat Loan?

FAQs on Boat Loan

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