To purchase [tex]$14,800 worth of lab equipment for his business, Hong made a down payment of $[/tex]1300 and took out a business loan for the rest. After 2
years of paying monthly payments of [tex]$598.34, he finally paid off the loan. (a) What was the total amount Hong ended up paying for the equipment (including the down payment and monthly payments)? $[/tex] 1
(b) How much interest did Hong pay on the loan?
5
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