You have purchased office equipment for $6940 and have agreed to pay it off in 60 monthly payments of $142 each. What will be the total sum of your payments?

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