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Today Donald purchased a cottage and a boat worth a combined present value of $390000. To purchase the cottage, Donald agreed to pay $60000 down
Today Donald purchased a cottage and a boat worth a combined present value of $390000. To purchase the cottage, Donald agreed to pay $60000 down payment and $2100 at the end of each month for 20 years. To buy the boat, Donald was required to pay $6000 down payment and R dollars at the end of each month for 4 years. Determine R if j12 = 12%.
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