# SOLUTION: I took out a lease on \$2000.00 worth of equipment for tow years. I am being charged5.25% interest annually. What is the interest paid and total amount I paid on the lease.

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 Question 176849: I took out a lease on \$2000.00 worth of equipment for tow years. I am being charged5.25% interest annually. What is the interest paid and total amount I paid on the lease.Answer by gonzo(654)   (Show Source): You can put this solution on YOUR website!if you made no payments until the end of the two years and if the interest was compounded annually, you would have paid a total of: 2000*(1.0525)^2 = 2215.5125 the interest would have been: 2215.5125 - 2000 = 215.5125 ---