Question: Robert secured a lease on a machine by paying $ 1 , 9 5 0 as a down payment and then $ 5 5 0

Robert secured a lease on a machine by paying $1,950 as a down payment and then $550 at the beginning of every month for 4 years. The lease rate was 3.50% 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?
Robert secured a lease on a machine by paying $1,950 as

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