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10 July, 13:16

To purchase $12,900 worth of machinery for her business, Melissa made a down payment of $2100 and took out a business loan for the rest. After years of paying monthly payments of $478.67, she finally paid off the loan.

a) What was the total amount Melissa ended up paying for the machinery (including the down payment and monthly payments) ?

(b) How much interest did Melissa pay on the loan?

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  1. 10 July, 15:50
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    a) $13588.08

    b) $688.08

    Step-by-step explanation:

    Melissa had to purchase $12,900 worth of machinery for her business.

    She made a down payment of $2100 and after that made monthly payments of $478.67 for the business loan for the rest.

    Given that after years of paying monthly payments of $478.67, she finally paid off the loan.

    Assume that she took 2 years to repay the loan.

    a) Therefore, the total amount Melissa ended up paying for the machinery was $[2100 + (478.67 * 24) ] = $13588.08 (Answer)

    b) Therefore, the amount of interest that Melissa pay on the loan is $ (13588.08 - 12900) = $688.08. (Answer)
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