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What was the cost of the machine

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Question - Nathan secured a lease on a machine by paying $1,250 as a down payment and then $175 at the beginning of every half-year for 5 years. Assume that the cost of financing is 3.99% compounded semi-annually.

Required -

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: EM132524952

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