Short-term payable to finance purchase of testing machine

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Reference no: EM131183034

Smithfield Diagnostic Laboratory has taken out a short-term payable to finance the purchase of a new testing machine. The amount borrowed is $40,000, and the note carries an annual interest rate of 12%. Smithfield will make equal payments every month for the next year (12 payments in total) to pay off the note. What is the amount of the monthly payment?

Reference no: EM131183034

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