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QUESTION
Jeremy purchased a machine for $21,000 for his company. He paid 5.00% of this amount as a down payment and financed the rest at 6.92% compounded monthly. He paid $1,125 at the end of every month to se
Jeremy purchased a machine for $21,000 for his company. He paid 5.00% of this amount as a down payment and financed the rest at 6.92% compounded monthly. He paid $1,125 at the end of every month to settle the loan
a. What was the principal portion of payment number 4?
b What was the interest portion of payment number 4?
