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What was the amount of interest paid over the term

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Reference no: EM132954438

Question - Adam secured a lease on a machine by paying $1,950 as a down payment and then $300 at the beginning of every quarter for 3 years. Assume that the cost of financing is 5.22% compounded quarterly. (Question relates to: Annuities - Future and Present Value Calculations for Ordinary Simple and General Annuity)

a. What was the principal amount of the loan?

b. What was the cost of the machine?

c. What was the amount of interest paid over the term?

Reference no: EM132954438

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