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Purchase a required piece of machinery

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Reference no: EM132421000

The ABC Company will borrow $225,000 today to purchase a required piece of machinery. The company has an agreement with its commercial banker to borrow money at an annual rate of 3.5%. How much will the ABC Company owe the bank if they repay the loan, for both the original principal and the interest owed, in exactly 1 year?

Reference no: EM132421000

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