Answer:
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
