Brief Exercise G-23 Pina Colada Corp. purchased a new blending machine for $3,400.08. It paid...
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Accounting
Brief Exercise G-23
Pina Colada Corp. purchased a new blending machine for $3,400.08. It paid $580.28 down and financed the remaining $2,819.80. It is required to pay 12 annual payments at the end of each year at an annual rate of interest of 6%. Click here to view the factor table. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) What is the amount of the annual payment? (Round answer to 2 decimal places, e.g. 15.25.)
Amount of the annual payment $
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