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Toll Labs is considering buying a machine for $4965371. They will finance the purchasing by putting $1 million down. The rest of the amount will
Toll Labs is considering buying a machine for $4965371. They will finance the purchasing by putting $1 million down. The rest of the amount will be financed with two loans. One loan is a pure discount loan. They will pay the lender $2 million in exactly 5 years. No payments will be made before that time. The other loan is an amortized loan with fixed monthly payments for 10 years. Both loans carry 4% APR compounded monthly. What is the monthly payment on the amortized loan? Select one: O a. 21207 O b. 23563 O c. 28276 O d. 16023 e. 32989
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