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Business, 14.04.2020 21:15 elizabethhodge76

The manager of a manufacturing company knows that they will need a new machine in one of their factories. The new machine will cost them $12,500. The manager has determined that they can afford to pay 20% of the cost of the machine in cash. They can then finance the rest through a credit union. The credit union will charge 1% per year compounded monthly.
Required:
1. How much are their monthly payments for 4 years?

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