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John Fare purchased $12,000 worth of equipment by making a $2000 down payment and promising to pay the remainder of the cost in semiannual payments
John Fare purchased $12,000 worth of equipment by making a $2000 down payment and promising to pay the remainder of the cost in semiannual payments over the next 5 years. The interest rate on the debt is 12%, compounded semiannually. Find the following. (Round your answers to the nearest cent.)
The size of each payment, the total amount paid over the life of the loan, and the total interest paid over the life of the loan.
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