How much interest will the customer pay

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Reference no: EM13256524

A customer decides to acquire a model LMV 300 with an optional cabinet and 20 bin sorter with stapler. The purchase price comes to $11,425. The company will borrow the money for five years at 8.2% interest compounded annually. That will result in monthly payments of $282.38 each. How much interest will the customer pay (rounded to the nearest dollar) over the life of the loan?

A) $1,143

B) $2,824

C) $5,518

D) $8,200

E) none of the above

Based on that Would the cost to lease the equipment acquired above for five years be more, less, or the same amount as spent purchasing it under the terms described?

Reference no: EM13256524

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