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To purchase $14,500 worth of restaurant equipment for his business, Hans made a down payment of $1800 and took out a business loan for the rest. After years of paying monthly payments of $562.88. , he finally paid off the loan.

User Svenwltr
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1 Answer

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21 votes

Answer:

hello your question is incomplete below is the complete question

To purchase $14,500 worth of restaurant equipment for his business, Hans made a down payment of $1800 and took out a business loan for the rest. After 2 years of paying monthly payments of $562.88. , he finally paid off the loan. What was the total amount Dean ended up paying for the equipment ( including the down payment and monthly payments )

answer: $15309.12

Explanation:

Initial cost of equipment = $14500

Down payment = $1800

cost of equipment = 14500 - 1800 = $12700

Monthly payment = $562.88

Therefore payment made after 2 years = ( 562.88 * 24 ) = $13509.12

Total amount paid by Dean for the equipment

= down payment + monthly payments

= $1800 + $13509.12

= $15309.12

User Fmsf
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