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Please answer as quickly as possible and correctly and I will give a thumbs up all steps do NOT have to be shown as long
Please answer as quickly as possible and correctly and I will give a thumbs up all steps do NOT have to be shown as long as the final answer is correct, thank you.
Windsor Tool Inc. has a $600,000 loan for a new EDM machine to be used in the tool/die production. The interest rate for this loan is 5% compoundec annually. The finance manager decides that the company will make $50,000 payment each year, starting the end of the first year. By calculation, it will take the company N years to oav back the loan. Notice that the payments for Year1 to Year (N1) will be $50,000 as planned. The last payment at the end of Year-N will be smaller than $50,000. First, calculate the value for N= ? (years) Second, calculate the last payment for Year(N)= ? Notice that this is a Multi-Answer question, you have to pick one for the number of years and pick one for the last payment amount. N=17 Years N=19 Years N=21 Years N=23 Years Payment for last Year =$39,168. Payment for last Year =$16,794 Payment for last Year =$10,540. Payment for last Year =$22,470Step by Step Solution
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