Question: Peter secured a lease on a machine by paying $2,000 as a down payment and then $225 at the beginning of every month for 2

Peter secured a lease on a machine by paying $2,000 as a down payment and then $225 at the beginning of every month for 2 years. Assume that the cost of financing is 5.60% compounded monthly.

a. What was the principal amount of the loan?

b. What was the cost of the machine?

c. What was the amount of interest paid over the term?

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