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CONCEPTS IN FED.TAX.,2020-W/ACCESS

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter6: Business Expenses

Section: Chapter Questions

Problem 68P

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Question

To purchase $11,900 worth of restaurant equipment for his business, Greg made a down payment of $1400 and took out a
business loan for the rest. After 3 years of paying monthly payments of $319.44, he finally paid off the loan.
(a)
What was the total amount Greg ended up paying for the equipment
(including the down payment and monthly payments)?
(b) How much interest did Greg pay on the loan?

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