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A new startup borrowed $300,000 from the bank to purchase office equipment. The interest rate on the loan is 12% per year payable in equal
A new startup borrowed $300,000 from the bank to purchase office equipment. The interest rate on the loan is 12% per year payable in equal installments. The bank has agreed to defer the loan for a year, but adjusts the loan terms to ensure that it doesn't lose any money on this modification. The bank expects to be paid back over the following 3 years. What is the size of the equal annual installments once repayment begins
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