Question
For questions 9 through 11, construct a complete amortization schedule and calculate the total interest. 9. A farmer purchased a John Deere combine for $369,930.
For questions 9 through 11, construct a complete amortization schedule and calculate the total interest.
9. A farmer purchased a John Deere combine for $369,930. The equipment dealership sets up a financing plan to allow for end-of-quarter payments for the next two years at 7.8% compounded monthly
10. Jennifer purchased an Aqua Shield Sunroom for $19,097. Terms of purchase require her to put $2,000 down, with the balance financed through six equal end-of-month payments at 11.2% compounded semi-annually.
11. Jerry's Concrete installed a $13,544 concrete driveway for a client with no money down and four equal end-of-month instalments at 4.9% compounded monthly.
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