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To purchase $13,200 worth of machinery for his business, Henry made a down...

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Verified Solution

Question

Finance

To purchase

$13,200

worth of machinery for his business, Henry made a down payment of

$1700

and took out a business loan for the rest. After

2

years of paying monthly payments of

$509.70

, he finally paid off the loan.

(a) What was the total amount Henry ended up paying for the machinery (including the down payment and monthly payments)?

$
(b) How much interest did Henry pay on the loan?

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