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Question 4 ABC firm plans to buy a new machine for $500,000. The seller requires that the firm pays 20% of the purchase price as

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Question 4 ABC firm plans to buy a new machine for $500,000. The seller requires that the firm pays 20% of the purchase price as a down payment, but is willing to finance the remainder by offering a 48-month loan with equal monthly payments and an interest rate of 0.5% per month. What is the monthly loan payment

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