Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
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Question
To purchase $11,900 worth of restaurant equipment for his business, Greg made a down payment of $1400 and took out a business loan for the rest. After 3 years of paying monthly payments of $319.44, he finally paid off the loan. (a) What was the total amount Greg ended up paying for the equipment (including the down payment and monthly payments)? (b) How much interest did Greg pay on the loan?
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Transcribed Image Text:To purchase $11,900 worth of restaurant equipment for his business, Greg made a down payment of $1400 and took out a business loan for the rest. After 3 years of paying monthly payments of $319.44, he finally paid off the loan. (a) What was the total amount Greg ended up paying for the equipment (including the down payment and monthly payments)? (b) How much interest did Greg pay on the loan?
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