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18 February, 19:22

You have purchased office equipment for $6940 and have agreed to pay it off in 60 monthly payments of $142 each. What will be the total sum of your payments?

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  1. 18 February, 22:14
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    the total sum of payments is $8,520

    Explanation:

    Data provided in the question:

    Cost of the equipment purchased = $6,940

    Amount of Monthly payments made = $142

    Number of monthly payments = 60 months

    Now,

    The Total sum of the payments made

    = Amount of Monthly payment * Number of monthly payments

    = $142 * 60

    = $8,520

    Hence,

    the total sum of payments is $8,520
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