Answer:
The total cost was $ 15,042.52, and the interest percentage applied on the loan was 8.22%.
Step-by-step explanation:
Given that to purchase $ 13,900 worth of lab equipment for her business, Amy made a down payment of $ 1900 and took out a business loan for the rest, and after 3 years of paying monthly payments of $ 365.07, she finally paid off the loan to determine the total cost and interest applied on the loan, the following calculation must be made:
(365.07 x 12 x 3) + 1900 = Total cost
4,380.84 x 3 + 1900 = Total cost
13,142.52 + 1900 = Total cost
15,042.52 = Total cost
13900 = 100
15042.52 = X
15042.52 x 100/13900 = X
1,504,252 / 13,900 = X
108.22 = X
Therefore, the total cost was $ 15,042.52, and the interest percentage applied on the loan was 8.22%.
