Question: Big Inc. purchased a new packing machine from Pack It Up Inc. on January 1 , 2 0 2 3 . The cost of the

Big Inc. purchased a new packing machine from Pack It Up Inc. on January 1,2023. The
cost of the machine was $3,000. To pay for the machine Bird issued a four- year
installment note to be paid in four equal payments at the end of each year. The payments
include interest at the rate of 10%. What would be the amount of the annual payment?
A. $946
B. $750
C. $823
D. $1,072
Big Inc. purchased a new packing machine from Pack It Up

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