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Mike wants to purchase a new riding mower that costs $10,000. Mike can spare 10% of the total profits right now to use as a
Mike wants to purchase a new riding mower that costs $10,000. Mike can spare 10% of the total profits right now to use as a down payment on the new mower. (Total Profit is 47,877.56). The First Bank of Ohio is offering him a loan with an annual interest rate of 5% compounded monthly for 3 years. Determine Mikes monthly payment using an Excel financial function.
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