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Anthony secured a lease on a machine by paying $1,300 as a down payment and then $300 at the beginning of every half-year for 3
Anthony secured a lease on a machine by paying $1,300 as a down payment and then $300 at the beginning of every half-year for 3 years. Assume that the cost of financing is 2.46% compounded semi-annually.
a. What was the principal amount of the loan?
b. What was the cost of the machine?
t c. What was the amount of interest paid over the term?
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