Question by Tony: Bill’s Accounting is taking out a lease on ,000 worth of equipment and office furniture?
Bill’s Accounting is taking out a lease on ,000 worth of computing equipment and office furniture, over a two year period. The bank charges 8.25% interest annually. Compute the interest paid and the total amount paid for the lease.
Best answer:
Answer by capwest5a
Interest = principal x rate x time. In this case,
Interest = ,000 x 0.0825 x 2 = 0
Total amount paid is ,000 + 0 = ,330
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