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A company borrowed at 6 . 7 8 % compounded monthly to purchase equipment, agreeing to make payments of $ 2 , 5 9 0
A company borrowed at compounded monthly to purchase equipment, agreeing to make payments of $ at the end of every three months for payments.
a What is the equivalent cash price of the equipment?
b How much will be owed at the end of two years?
c How much of the principal will be repaid within the first two years?
d How much interest is paid during the first two years?
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