Question: NOTES ASK YOUR TEACHER The problem describes a debt to be amortized. (Round your answers to the nearest cent.) Sean Lee purchases $20,000 worth of

NOTES ASK YOUR TEACHER The problem describes a debt to be

NOTES ASK YOUR TEACHER The problem describes a debt to be amortized. (Round your answers to the nearest cent.) Sean Lee purchases $20,000 worth of supplies for his restaurant by making a $3,000 down payment and amortizing remaining cost with quarterly payments over the next 7 years. The interest rate on the debt is 16% compounded qua (a) Find the size of each payment. $ 2763 (b) Find the total amount paid for the purchase. $ 77373 (c) Find the total interest paid over the life of the loan. $ 60373

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