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Kevin & Catori purchased an item valued at $195,000. They paid $31,200 down and financed the rest at 4.78% compounded quarterly. To reduce the amount

  • Kevin & Catori purchased an item valued at $195,000. They paid $31,200 down and financed the rest at 4.78% compounded quarterly. To reduce the amount owing to $38,610 at the end of 2 years, what size of equal payments must Kevin & Catori make at the end of each year?

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