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Working in the accounting department, Jaycee needs to accurately record the debts of the company. Nine months ago, the company purchased new production equipment for
Working in the accounting department, Jaycee needs to accurately record the debts of the company. Nine months ago, the company purchased new production equipment for $88,437.48 and financed it on a 12-month loan at 8.2% compounded quarterly. The payments at the end of every month have been $7,698.95. a) What amount should Jaycee record as the balance owing today? b) How much interest has been paid to date?
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