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A firm borrows $25,000 from the bank at 12% compounded annually to purchase some new machinery. This loan is to be repaid in equal installments

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A firm borrows $25,000 from the bank at 12% compounded annually to purchase some new machinery. This loan is to be repaid in equal installments at the end of each year over the next 5 years. How much will each annual payment be? $8.851 $7,276 $7,625 $7.833 $6,935

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