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Find the total interest paid over the life of the loan

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Sean Lee purchases $30,000 worth of supplies for his restaurant by making a $4,000 down payment and amortizing the remaining cost with quarterly payments over the next 7 years. The interest rate on the debt is 16% compounded quarterly.

Problem (a) Find the size of each payment.

Problem (b) Find the total amount paid for the purchase.

Problem (c) Find the total interest paid over the life of the loan.

Reference no: EM132946698

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