Grace is analyzing her company's purchase of a new $45,000 machinery. The machinery was purchased through financing at 6.7% compounded quarterly. The company makes quarterly payments over 7 years to pay off this loan. Determine the amount of the principal that had been paid off at the end of year 3 through the quarterly payments.

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The Answer of Grace is analyzing her company's purchase of a new $45,000 machinery. The machinery was purchased through financing at 6.7% compounded quarterly. The company makes quarterly payments over 7 years to pay off this loan. Determine the amount of the principal that had been paid off at the end of year 3 through the quarterly payments.

Grace Is Analyzing Her Company's Purchase of a New $45,000