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Bill’s Accounting is taking out a lease on $2,000 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.

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August 15, 2009 | Filed Under Equipment Leasing Questions 

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One Response to “Bill’s Accounting is taking out a lease on $2,000 worth of equipment and office furniture?”

  1. capwest5a on August 15th, 2009

    Interest = principal x rate x time. In this case,

    Interest = $2,000 x 0.0825 x 2 = $330

    Total amount paid is $2,000 + $330 = $2,330

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