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What is the equivalent cash price of the equipment

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Question: A company borrowed at 5.53% compounded annully to purchase equipment, agreeing to make payments of $2,030 at the end of every three months for 15 payments.

a) What is the equivalent cash price of the equipment?

b) How much will be owed at the end of two years?

c) How much of the principal will be repaid within the first two years?

d) How much interest is paid during the first two years?

Reference no: EM133430205

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