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A buyer purchases a building for the price of $525,000. The buyer makes a down payment of $120,000 at the time of purchase and finances
A buyer purchases a building for the price of $525,000. The buyer makes a down payment of $120,000 at the time of purchase and finances the remaining balance with a loan that charges 6% interest compounded monthly. If the buyer makes a $2,500 payment at the end of every month, with the first payment 1 month after the purchase, how many months will it take for the buyer to completely pay for the building? Method: Excel
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