Your company spends $172,000 on a new piece of equipment. The equipment will be financed over five years at 8.5% interest. The bank requires a 10% down payment. A. Calculate the payment on this loan B. Calculate the total interest paid on the loan
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- The down payment is 10% of the total cost of the equipment. - Down payment = 10% of $172,000 = 0.10 * $172,000 = $17,200. Show more…
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