Joel secured a lease on a machine by paying $1,400 as a down payment and then $500 at the beginning of every month for 4 years. The lease rate was 5.50% compounded monthly.

a. What was the principal amount of the lease?

Round to the nearest cent

b. What was the cost of the machine?

Round to the nearest cent

c. What was the amount of interest paid over the term of the lease?

Round to the nearest cent