Question
A Xerox DocuColor photocopier costing $39,000 is paid off in 60 monthly installments at 6.2% APR. After three years the company wishes to sell the
A Xerox DocuColor photocopier costing $39,000 is paid off in 60 monthly installments at 6.2% APR. After three years the company wishes to sell the photocopier. What is the minimum price for which they can sell the copier so that they can cover the cost of the balance remaining on the loan?
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