John fare purchased $6,000 worth of equipment by making a $1000 down payment and promising to pay the remainder of the cost in semiannual payments over the next 6 years. the interest rate on the debt is 12%, compounded semiannually. find the following. (round your answers to the nearest cent.) (a) the size of each payment $ correct: your answer is correct. (b) the total amount paid over the life of the loan $ incorrect: your answer is incorrect. (c) the total interest paid over the life of the loan

C$ 596.39

total payment          7,156.68

Interest expense     2,156.68

Explanation:

6,000  -  1,000 = 5,000 amount to finance

We will calcualte the cuota of an annuity of 6 years with semianual payment at 12% annual rate.

PV  $5,000.00

time   12 (6 years times 2 payment per year)

rate            0.06 (12% annual we divide by 2 to get semiannual)

C$ 596.39

The total amount paid will be the cuota times the time of the loan:

Total amount paid

596.39 x 12 = 7,156.68‬

The interest will be the difference between the total amount paid and the principal of the loan

Interest paid

total payment          7,156.68

principal                 (5,000)

Interest expense     2,156.68

because she sucked. : )

(but so does trump, don't @ me)

answer; ///blank(1) longer; blank(2); lessi believe this is correct, plz check first; good luck';