Frank, a purchasing manager for a farm co-op, negotiated a deal for some equipment. The farm co-op took out a loan of $17,000.00, with a $3,000.00 payment due at signing (assume all of this payment applies towards the loan amount). The remaining will be paid off with quarterly payments for the next 4 years. If the negotiated interest rate on the debt is 9.9% compounded quarterly. What will the farm co-op's payment be? (Round all answers to 2 decimal places.)
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
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Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
Frank, a purchasing manager for a farm co-op, negotiated a deal for some equipment. The farm co-op took out a loan of $17,000.00, with a $3,000.00 payment due at signing (assume all of this payment applies towards the loan amount). The remaining will be paid off with quarterly payments for the next 4 years. If the negotiated interest rate on the debt is 9.9% compounded quarterly. What will the farm co-op's payment be? (Round all answers to 2 decimal places.)
a) The quarterly payment would be?
Assuming all of the payments were on time and the farm co-op did not prepay on the loan.
What are the total amount the farm co-op paid and the total interest?
b) The total amount the farm co-op paid was?
and the total interest was?
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