To purchase $14,700 worth of machinery for her business, Ivanna made a down payment of $1700 and took out a business loan for the rest. After 2 years of paying monthly payments of $576.18, she finally paid off the loan. (a)What was the total amount Ivanna ended up paying for the machinery (including the down payment and monthly payments)? (b)How much interest did Ivanna pay on the loan?

A sort of funding called a business loan is given to companies or entrepreneurs to help with…

Answered: To purchase $14,700 worth of machinery…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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To purchase $14,700 worth of machinery for her business, Ivanna made a down payment of $1700 and took out a business loan for the rest. After 2 years of paying monthly payments of $576.18, she finally paid off the loan.

(a)	What was the total amount Ivanna ended up paying for the machinery (including the down payment and monthly payments)?

(b)	How much interest did Ivanna pay on the loan?

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