Keyes Farms bought a tractor priced at $20 000 and agreed to make payments of $1223 at

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Keyes Farms bought a tractor priced at $20 000 and agreed to make payments of $1223 at the end of every three months. If interest is 7.8% compounded quarterly, how long will payments have to be made if the payments are deferred for two years and six months?
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Contemporary Business Mathematics with Canadian Applications

ISBN: 978-0133052312

10th edition

Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs

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