Question: Cornell, a purchase manager for a farm co - op , negotiated a deal for some equipment. The farm co - op took out a

Cornell, a purchase manager for a farm co-op, negotiated a deal for some equipment. The farm co-op took out a loan of $13,000.00, with a $3,000.00 down payment with the supplier and signed a contract to pay off the remaining with quarterly payments for the next 4 years. If the negotiated interest rate on the debt is 9.7% compounded quarterly. What will the farm co-op's payment be?(Round all answers to 2 decimal places.)
The quarterly payment would be $
.
Assuming all of the payments were on time and the farm co-op did not prepay on the loan.
What is the total amount the farm co-op paid and the total interest?
The total amount the farm co-op paid was $
and the total interest was
.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!