Question: Mr.Kim grows potatoes. He is buying a new machine for the farm. The machine costs $200,000 and is financed with quarterly payments for 10 years.

Mr.Kim grows potatoes. He is buying a new machine for the farm.

The machine costs $200,000 and is financed with quarterly payments for 10 years.

The financing rate is 5% APR, compounded quarterly. The first payment is due in 3 months. How much will his payments be?

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