Helen secured a lease on a machine by paying $1,700 as a down payment and then $650
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Question:
Helen secured a lease on a machine by paying $1,700 as a down payment and then $650 at the beginning of every month for 5 years. The lease rate was 4.75% compounded
monthly.
a.What was the principal amount of the lease?
Round to the nearest cent
b.What was the cost of the machine?
Round to the nearest cent
c.What was the amount of interest paid over the term of the lease?
Round to the nearest cent
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