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Marcus secured a lease on a machine by paying $1,750 as a down payment and then $250 at the beginning of every half-year for 4
Marcus secured a lease on a machine by paying $1,750 as a down payment and then $250 at the beginning of every half-year for 4 years. Assume that the cost of financing is 5.47% compounded semi-annually.
a. What was the principal amount of the loan?
b. What was the cost of the machine?
c. What was the amount of interest paid over the term?
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