Tan Company purchased a large server for $20,000. The company paid 35% of the value as a down-payment and received a loan for the balance at 6.23% compounded monthly. The loan has a term of 2 years and Tan Company had to make month-end payments until the loan was settled. a. Calculate the size of the month-end payments. O $888.49 O $577.52 O $327.97 O $555.82 b. What was the total amount paid to settle the loan? O $21,323.76 O $7,531.28 O $13,860.38 O $13,339.68 c. Calculate the total amount of interest paid throughout the term of the loan. O $860.38 O $8,323.76 O $5,494.72 O $339.68
Tan Company purchased a large server for $20,000. The company paid 35% of the value as a down-payment and received a loan for the balance at 6.23% compounded monthly. The loan has a term of 2 years and Tan Company had to make month-end payments until the loan was settled. a. Calculate the size of the month-end payments. O $888.49 O $577.52 O $327.97 O $555.82 b. What was the total amount paid to settle the loan? O $21,323.76 O $7,531.28 O $13,860.38 O $13,339.68 c. Calculate the total amount of interest paid throughout the term of the loan. O $860.38 O $8,323.76 O $5,494.72 O $339.68
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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Transcribed Image Text:Tan Company purchased a large server for $20,000. The company paid 35% of the value
as a down-payment and received a loan for the balance at 6.23% compounded
monthly. The loan has a term of 2 years and Tan Company had to make month-end
payments until the loan was settled.
a. Calculate the size of the month-end payments.
O $888.49
O $577.52
O $327.97
O $555.82
b. What was the total amount paid to settle the loan?
O $21,323.76
O $7,531.28
O $13,860.38
O $13,339.68
c. Calculate the total amount of interest paid throughout the term of the loan.
O $860.38
O $8,323.76
O $5,494.72
O $339.68
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