Promising to pay remainder of cost in semiannual payments

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Reference no: EM131992556

John Fare purchased $18,000 worth of equipment by making a $3000 down payment and promising to pay the remainder of the cost in semiannual payments over the next 3 years. The interest rate on the debt is 6%, compounded semiannually. Find the following. (Round your answers to the nearest cent.)

a) the size of each payment

b) the total amount paid over the life of the loan

c) the total interest paid over the life of the loan

Reference no: EM131992556

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