To purchase $14,300 worth of restaurant equipment for her business, Kala made a down payment of $1700 and took out a business loan for the rest. After 3 years of paying monthly payments of $383.33, she finally paid off the loan. 1. What was the total amount Kala ended up paying for the equipment (including the down payment and monthly payments)? 2. How much interest did Kala pay on the loan?

To purchase $14,300 worth of restaurant equipment for her business, Kala made a down payment of $1700 and took out a business loan for the rest. After 3 years of paying monthly payments of $383.33, she finally paid off the loan. 1. What was the total amount Kala ended up paying for the equipment (including the down payment and monthly payments)? 2. How much interest did Kala pay on the loan?

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter11: Individuals As Employees And Proprietors

Section: Chapter Questions

Problem 5CE

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