Question
Jacob purchased a machine for $23,000 for her company. She paid 5.00% of this amount as a down payment and financed the rest at 7.32%
Jacob purchased a machine for $23,000 for her company. She paid 5.00% of this amount as a down payment and financed the rest at 7.32% compounded monthly. She paid $1,125 at the end of every month to settle the loan.
a. What was the principal portion of payment number 4?
Round to the nearest cent
b. What was the interest portion of payment number 4?
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Options Futures And Other Derivatives
Authors: John C. Hull
9th Edition
0133456315, 9780133456318
