The purchase was $13,400 worth of lab equipment he made a down payment of $1,400 and took out a business loan for the rest 2 years of paying monthly payments of $531.86 he finally paid it off what was the total amount he ended up paying for the equipment including down payment and monthly payments and how much interest did he pay on the loan
Added by Misty
Step 1
- Down payment: $1,400 - Monthly payment for 2 years: $531.86 x 24 months = $12,764.64 - Total amount paid = Down payment + Monthly payments = $1,400 + $12,764.64 = $14,164.64 ** Show more…
Show all steps
Close
Your feedback will help us improve your experience
Donya Dobbin and 95 other Algebra educators are ready to help you.
Ask a new question
Labs
Want to see this concept in action?
Explore this concept interactively to see how it behaves as you change inputs.
Key Concepts
Recommended Videos
To purchase equipment for his business, Ted paid $400 down and signed an installment contract that required payments of $69.33 at the end of each month for three years. Suppose the interest is 10.8% compounded monthly. (a) What was the cash price of the equipment? (b) How much was the cost of financing?
Madhur L.
A man bought a lot worth P1.5M if paid in cash. On the installment basis, he will pay a down payment of P0.5M, P300,000.00 at the end of 1 year, P700,000.00 at the end of 3 years, and the final payment at the end of 5 years. What was the final payment if the interest is at 2.29%?
Manasvee S.
If Clark got a house for $371,000 he made a down payment of $45,000 and took out a mortgage for 30 years with monthly payments of $1,954.54 what was the total including down payment and monthly payments he paid for the house and how much interest did he pay on the mortgage
Donna D.
Recommended Textbooks
Elementary and Intermediate Algebra
Algebra and Trigonometry
Transcript
18,000,000+
Students on Numerade
Trusted by students at 8,000+ universities
Watch the video solution with this free unlock.
EMAIL
PASSWORD