Question

To purchase $14,100 worth of restaurant equipment for her business, Donna made a down payment of $1700 and took out a business loan for the rest. After 3 years of paying monthly payments of $377.24, she finally paid off the loan.
A. What was the total amount Donna ended up paying for the equipment (including the down payment and monthly payments)?
B. How much interest did Donna pay on the loan?

Answer 1

Answer:

A ) 15280.64

B ) 2880.64

Step-by-step explanation:

she already paid $1700

so 14,100 - 1700 = 12,400

Now we know she need to pay $12,400

Also we need to know that there is 35 months in 3 years and that she needs to pay $377.24 each month, so our next equation will be

377.24 x 64 = 13,580.64 + 1700  since it has to be concluded = 15280.64

(Question A is answered now)

For B all we have to do is

15280.64 - 12,400 = 2880.64

Answer 2

Answer:

A - 9573.12

Step-by-step explanation:

I know this cause i worked it out in my head hope i helped