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Laverne purchased a new piece of equipment to be used in its new facility. The $425,000 piece of equipment was purchased with a $42, 500
Laverne purchased a new piece of equipment to be used in its new facility. The $425,000 piece of equipment was purchased with a $42, 500 down payment and with cash received through the issuance of a $382, 500, 7%, 5-year mortgage payable issued on January 1, 2017. The terms provide for annual installment payments of $93, 288 on December 31. Prepare an installment payments schedule for the first five payments of the notes payable. (Round answers to o decimal places, e.g. 125)
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