Determining Asset Cost When Paying with Cash and Notes Payable Ked Inc. purchases equipment, which has a cash price of $4,036. Terms are arranged for a $1,200 cash down payment plus payment of the remaining $2,836, plus 15% compound interest per annum, through three equal payments. The purchase occurs on January 1, and the three payments occur on each December 31 thereafter. Required Round answer to the nearest whole dollar. 1 Do not use negative signs with your answers. a. Compute the amount of each annual payment. $ b. What does Ked record for the cost of equipment? $ What total amount of interest was paid? 0 0 $ 0