Lowlife Company defaulted on a $250,000 loan that was due on December 31, 2003. The...
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Lowlife Company defaulted on a $250,000 loan that was due on December 31, 2003. The bank has agreed to allow Lowlife to repay the $250,000 by making a series of equal annual payments of $51,351, with the first payment being due on December 31, 2004. Assume the bank's interest rate is 10% compounded annually. How many payments must Lowlife make in order to repay the debt?
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