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You have determined that your company will purchase new manufacturing equipment using a bank loan for $415,000. The loan will be amortized over eight years

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You have determined that your company will purchase new manufacturing equipment using a bank loan for $415,000. The loan will be amortized over eight years and the annual interest rate will be 5.70%. You need to be able to complete the first three rows of a MONTHLY amortization schedule to answer questions 19,20 and 21. What is the fixed monthly payment? a. 5,285.40 b. 5,393.27 C. 5,339.34 d. 5,447.20

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