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Kevin purchased a machine for $22,500 for his company. He paid 5.00% of this amount as a down payment and financed the rest at 7.02%
Kevin purchased a machine for $22,500 for his company. He paid 5.00% of this amount as a down payment and financed the rest at 7.02% compounded monthly. He 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 ? Round to the nearest cent
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