Usman purchased a machine for $12,000 for his company. He paid 10% of this amount as a
Question:
Usman purchased a machine for $12,000 for his company. He paid 10% of this amount as a down payment and financed the rest at 4.5% compounded monthly. He paid $1600 at the end of every month to settle the loan.
a. What was the principal portion of the 6th payment?
b. What was the interest portion of the 6th payment?
AppendixLO1
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answered By
Mary Boke
As an online tutor with over seven years of experience and a PhD in Education, I have had the opportunity to work with a wide range of students from diverse backgrounds. My experience in education has allowed me to develop a deep understanding of how students learn and the various approaches that can be used to facilitate their learning. I believe in creating a positive and inclusive learning environment that encourages students to ask questions and engage with the material. I work closely with my students to understand their individual learning styles, strengths, and challenges to tailor my approach accordingly. I also place a strong emphasis on building strong relationships with my students, which fosters trust and creates a supportive learning environment. Overall, my goal as an online tutor is to help students achieve their academic goals and develop a lifelong love of learning. I believe that education is a transformative experience that has the power to change lives, and I am committed to helping my students realize their full potential.
4+ Reviews
21+ Question Solved
Related Book For 
Mathematics Of Business And Finance
ISBN: 9781927737545
4th Edition
Authors: Larry Daisley, Thambyrajah Kugathasan, Diane Huysmans
Question Posted:
