The problem describes a debt to be amortized. (Round your answers to the nearest cent.)...
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Accounting
The problem describes a debt to be amortized. (Round your answers to the nearest cent.)
Sean Lee purchases $30,000 worth of supplies for his restaurant by making a $2,000 down payment and amortizing the remaining cost with quarterly payments over the next 5 years. The interest rate on the debt is 16% compounded quarterly.
(a)
Find the size of each payment.
$
(b)
Find the total amount paid for the purchase.
$
(c)
Find the total interest paid over the life of the loan.
$
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