25. 2.101 A start-up company selling color-keyed carnauba car wax borrows $40,000 at an interest rate of
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25. 2.101 A start-up company selling color-keyed carnauba car wax borrows $40,000 at an interest rate of 10% per year. In planning for the financial future of the company, the owner wishes to repay the loan over a 5-year period with annual payments such that the third through fifth payments are $2000 greater than the first two. Determine the size of the first two payments.
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Related Book For
Basics Of Engineering Economy
ISBN: 9781259683312
3rd Edition
Authors: Leland T. Blank, Anthony Tarquin
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