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On January 2, 2014, Jensen Company borrowed $120,000 from Lyon Country Bank. The terms of the loan agreement specified 4 equal annual payments at 6%

On January 2, 2014, Jensen Company borrowed $120,000 from Lyon Country Bank. The terms of the loan agreement specified 4 equal annual payments at 6% annual interest. Compute the amount of each of these payments, assuming, they begin on December 31, 2014.

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