How much interest did jane pay on the loan

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Reference no: EM133674217

Question

To purchase $11,600 worth of machinery for her business, Jane made a down payment of $1700 and took out a business loan for the rest. After 2 years of paying a monthly payment of $438.78, she finally paid off the loan.

1. What was the total amount Jane ended up paying for the machinery (including the down payment and monthly payments)?

2. How much interest did Jane pay on the loan?

Reference no: EM133674217

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