How the Boat Loan Calculator works
Boat loans often stretch 10 to 20 years, which keeps payments low and interest high. Remember that slip fees, winter storage and insurance frequently add as much per year as the loan payment does.
Payment = P × r ÷ (1 − (1 + r)^−n), where P is the amount borrowed, r is the monthly rate (APR ÷ 12) and n is the number of monthly payments.