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How many years will take the company to pay back the loan

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Question 1: Cosmo Ltd needs $10,000 to replace a machine. Japan Post Bank has agreed to lend the funds at 6% pa interest rate compounded monthly. If Cosmo Ltd wants to pay $250 per month how many years will it take the company to pay back the loan? (Show answer correct to two decimal places.)

Reference no: EM132599500

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