Determine the payment amount

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Reference no: EM131806640

Cranford Cranberry Bogs just purchased new water whipping equipment for $100,000. Cranford agreed to repay the loan over a period of 10 years with semiannual payments. The loan's interest rate is 8%. Determine the payment amount and the total finance charge. (Answer: total finance charge = $47.2K)

Reference no: EM131806640

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