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How much will have to pay in four months

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Problem 1: A merchant purchases a lot of merchandise with a value of $ 3,500,000 which he agrees to liquidate by making an immediate payment of $1,500,000 and a final payment 4 months later. He agrees to pay 60% annual interest on his balance. How much will he have to pay in 4 months?

Reference no: EM133009625

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