Chelsea purchased a machine for $26,000 for his company. He paid 5.00% of this amount as...

Transcribed Image Text:

Chelsea purchased a machine for $26,000 for his company. He paid 5.00% of this amount as a down payment and financed the rest at 6.02% 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? Chelsea purchased a machine for $26,000 for his company. He paid 5.00% of this amount as a down payment and financed the rest at 6.02% 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?

Answer rating: 100% (QA)

The detailed answer for the above question is provided below Given that the Morgan purchase... View the full answer