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Find the first payment is to be made immediately

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Question 1: You have started a small business and need to buy equipment at a cost of $1,750,000. You have saved $300 000 as a down payment. You plan to borrow the balance from your aunt at a rate of 18%, to be repaid annually over a 5-year period. The first payment is to be made immediately

Reference no: EM132503456

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