Question

To purchase 511,900 worth of restaurant equipment for her business, Ina made a down payment of S1409 and took out a business loan for the rest. 23years of paying monthly payments of 5319.44, she finally paid off the loanxх5?(a) What was the total amount Jina ended up paying for the equipment(including the down payment and monthly payments)?s]How much interesa Jina pay on the ice?s]

Answer 1

Given:

The cost of restaurant equipment = $11,900

Jina made a down payment of $1400 and took out a business loan for the rest.

After 3 years of paying monthly payments of $319.44 she finally paid off the loan

A) The total amount Jina ended up paying for the equipment =

`1400+3\cdot12\cdot319.44=12,899.84`

B) The interest = 12,899.84 - 11900 = 999.84

So, the interest pay on the loan = $999.84