Maple Sweets Inc. borrowed at 7.44% compounded monthly to purchase equipment, agreeing to make payments of $2160 at the end of every three months for 14 payments. (a) What is the equivalent cash price of the equipment?
(b) How much will be owed at the end of two years?
(c) How much of the principal will be repaid within the first two years?
(d) How much interest is paid during the first two years?