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You purchased a machine for your plant and the contract calls for equal payments of...

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Accounting

You purchased a machine for your plant and the contract calls for equal payments of $34,000 in one year and two years from now. Your cash flow is better than you projected so you would like to repay the loan sooner. You will pay $25,000 now followed by two equal payments, one in two months and one in six months time. Find the size of the payments. The interest rate is 12% compounded monthly. Suggested focal date: 6 months from now.

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