ABC Inc. needs to purchase a new asset that is worth $50 million. Unfortunately, it...
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Accounting
ABC Inc. needs to purchase a new asset that is worth $50 million. Unfortunately, it does not have the funds to purchase it. It has decided to borrow the funds now with a commitment to pay $1 million per month. If the interest rate the bank charges ABC is 18% with monthly compounding, how long will they need to pay off the loan?
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