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PLEASE SHOW SOLUTIONS AND FORMULAS 19. Your company takes out a 8-year term loan to borrow $2,575,000 to finance a building expansion. The annual interest

image text in transcribedPLEASE SHOW SOLUTIONS AND FORMULAS

19. Your company takes out a 8-year term loan to borrow $2,575,000 to finance a building expansion. The annual interest rate on the loan is 4.6% and equal payments are made monthly. How much will the monthly payment be? 20. Referring back to question #19, how much total interest will the company be paying over the life of the term loan

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