To purchase $12,300 worth of restaurant equipment for his business, Ahmed made a down payment of $1800 and took out a loan for the rest. After 2 years of paying monthly of $465.38, he can finally pay off the loan.

(A) What was the total amount Ahmed ended up paying for the equipment (including the down payment and monthly payment) ?

(B) how much interest did Ahmed pay on the loan?

Step-by-step explanation:

A) After 2 years of paying monthly of $465.38, he can finally pay off the loan. There are 24 months in 2 years. This means that the total amount that Ahmed paid in 2 years would be

465.38 * 24 = $11169.12

Ahmed made a down payment of $1800 and took out a loan for the rest. Therefore, the total amount that Ahmed ended up paying for the equipment (including the down payment and monthly payment) is

1800 + 11169.12 = $12969.12

B) the initial amount that he took as loan is

12300 - 1800 = $10500

Therefore, the amount of interest that he paid on the loan would be

12969.12 - 10500 = $2469.12