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Term Loan Payment November 1, 2019, Tompkins Industries purchased a new packaging machine for CAD 250,000, A term loan was negotiated with the Toronto Dominion

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Term Loan Payment November 1, 2019, Tompkins Industries purchased a new packaging machine for CAD 250,000, A term loan was negotiated with the Toronto Dominion Bank, which required a 30% down payment. The interest rate is 7.5%, compounded monthly and the principal is repaid in blended equal monthly payments over five years. The monthly payment is closest to: Select one: a. CAD 2,917 b. CAD 3,507 C. CAD 4,010. Next page inn

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