To purchase sı1,700 worth of lab equipment for her business, Jenny madea down payment of s1600 and took out a business loan for the rest. After 2years of paying monthly payments of $447.65, she finally paid off the loan.(а)What was the total amount Jenny ended up paying for the equipment(including the down payment and monthly payments)?(b)How much interest did Jenny pay on the loan?

This is the case of an amortized loan. An amortized loan is that loan in which the periodic payments…

Answered: To purchase s11,700 worth of lab…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Similar questions

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When Albertina openied her law office, she bought $19,000 worth of law books and $7600 worth of furniture. She paid $1300 down and agreed to amortize the balance with semiannual payments for 5 years at 11% compounded semiannually. Find the amount of each payment. Then use the formula for the remaining balance to find the number of remaining payments when the loan has been reduced below $12,000. What is the amount of each payment? $ (Round to the nearest cent as needed.)
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