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Calculate the amount of the equal instalment payments

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Question 1: Sunland Ltd. signed an instalment note on January 1, 2020, in settlement of an account payable of $38,500 owed to Mott Ltd. Sunland is able to borrow funds from its bank at 10%, whereas Mott can borrow at the rate of 8%. The note calls for two equal payments of blended principal and interest to be made at December 31, 2020 and 2021. Calculate the amount of the equal instalment payments that will be made to Mott Ltd.

Reference no: EM132898783

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