A financial institution gives a loan to a manufacturing company to buy equipment worth $5500000...
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Accounting
A financial institution gives a loan to a manufacturing company to buy equipment worth $5500000 at an interest rate of 25% compounded annually. This amount should be repaid in 18 yearly equal instalments .
Find the installment amount that the company has to pay to the financial entity.
A financial institution gives a loan to a manufacturing company to buy equipment worth $5500000 at an interest rate of 25% compounded annually. This amount should be repaid in 18 yearly equal instalments .
Find the installment amount that the company has to pay to the financial entity.
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