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Please answer the following questions correctly. I'll be sure to rate! On 1/1/X1, Johnson Inc. financed the purchase of machinery costing $940,000 by issuing an
Please answer the following questions correctly. I'll be sure to rate!
On 1/1/X1, Johnson Inc. financed the purchase of machinery costing $940,000 by issuing an installment note payable. The interest rate on the note is 10% compounded yearly. The note will be paid off in ten equal yearly installments with the first payment being due on 1/1/X2. Rounded to the nearest whole dollar, what will be the amount of each installment payment? Answer: Rounded to the nearest whole dollar, each annual installment payment will be $Step by Step Solution
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