John Fare purchased $6,000 worth of equipment by making a $1000 down payment and promising to pay the remainder of the cost in semiannual payments over the next 3 years. The interest rate on the debt is 10%, compounded semiannually. Find the following. (Round your answers to the nearest cent.) (a) the size of each payment$ (b) the total amount paid over the life of the loan$ (c) the total interest paid over the life of the loan$
John Fare purchased $6,000 worth of equipment by making a $1000 down payment and promising to pay the remainder of the cost in semiannual payments over the next 3 years. The interest rate on the debt is 10%, compounded semiannually. Find the following. (Round your answers to the nearest cent.) (a) the size of each payment$ (b) the total amount paid over the life of the loan$ (c) the total interest paid over the life of the loan$
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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John Fare purchased $6,000 worth of equipment by making a $1000 down payment and promising to pay the remainder of the cost in semiannual payments over the next 3 years. The interest rate on the debt is 10%, compounded semiannually. Find the following. (Round your answers to the nearest cent.)
(a) the size of each payment
$
(b) the total amount paid over the life of the loan
$
(c) the total interest paid over the life of the loan
$
$
(b) the total amount paid over the life of the loan
$
(c) the total interest paid over the life of the loan
$
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