A financial institution gives a loan to a manufacturing company to buy equipment worth $5500000 at an

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A financial institution gives a loan to a manufacturing company to buy equipment worth $5500000 at an interest rate of 25% compounded annually. This amount should be repaid in 18 yearly equal instalments .

Find the installment amount that the company has to pay to the financial entity.

Related Book For answer-question

Principles of Finance

ISBN: 978-1285429649

6th edition

Authors: Scott Besley, Eugene F. Brigham

Posted Date: Jun 03, 2023 12:55 AM

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A financial institution gives a loan to a manufacturing company to buy equipment worth $5500000 at an

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