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Mitchell purchased a machine for $29,500 for her company. She paid 5.00% of this amount as a down payment and financed the rest at 7.02% compounded monthly. She paid $1,125 at the end of every month to settle the loan. a. What was the principal portion of payment number 4? $0.00 Round to the nearest cent b. What was the interest portion of payment number 4? $0.00

Mitchell purchased a machine for $29,500 for her company. She paid 5.00% of this amount as a down payment and financed the rest at 7.02% compounded monthly. She paid $1,125 at the end of every month to settle the loan. a. What was the principal portion of payment number 4? $0.00 Round to the nearest cent b. What was the interest portion of payment number 4? $0.00

Advanced Engineering Mathematics
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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Mitchell purchased a machine for $29,500 for her company. She paid 5.00% of this amount as a down payment and financed the rest at 7.02% compounded monthly. She paid $1,125 at the end of every month to settle the loan. a. What was the principal portion of payment number 4? Round to the nearest cent $0.00 b. What was the interest portion of payment number 4? ← a 0 ( $0.00 M SUBMIT QUESTION d SAVE PROGRESS SUBMIT A #
Transcribed Image Text:Mitchell purchased a machine for $29,500 for her company. She paid 5.00% of this amount as a down payment and financed the rest at 7.02% compounded monthly. She paid $1,125 at the end of every month to settle the loan. a. What was the principal portion of payment number 4? Round to the nearest cent $0.00 b. What was the interest portion of payment number 4? ← a 0 ( $0.00 M SUBMIT QUESTION d SAVE PROGRESS SUBMIT A #
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