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Homework answers / question archive / Tan Company purchased a large server for $42,000
Tan Company purchased a large server for $42,000. The company paid 45.00% of the value as a down-payment and received a loan for the balance at 4.75% compounded monthly. The loan has a term of 4 years and Tan Company has to make month-end payments to settle the loan.
a) What is the size of the month-end payments?
b) What was the total amount paid to settle the loan?
c) Calculate the total amount of interest paid throughout the term of the loan.
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