To purchase s11,700 worth of lab equipment for her business, Jenny made a down payment of s1600 and took out a business loan for the rest. After 2 years of paying monthly payments of s447.65, she finally paid off the loan. (a) 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?
To purchase s11,700 worth of lab equipment for her business, Jenny made a down payment of s1600 and took out a business loan for the rest. After 2 years of paying monthly payments of s447.65, she finally paid off the loan. (a) 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?
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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Question
![To purchase sı1,700 worth of lab equipment for her business, Jenny made
a down payment of s1600 and took out a business loan for the rest. After 2
years 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?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F424746dd-29d3-476a-868c-5a06ada19580%2F2dcb11f3-c411-4c2e-a4b3-fb49b60d8a99%2Fe9c0pdr_processed.jpeg&w=3840&q=75)
Transcribed Image Text:To purchase sı1,700 worth of lab equipment for her business, Jenny made
a down payment of s1600 and took out a business loan for the rest. After 2
years 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?
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