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What are the equal annual payments

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Question - Carla Vista, Inc. manufactures machinery used in the mining industry. On January 2, 2021 it leased equipment with a cost of $430000 to Silver Point Co. The 5-year lease calls for a 20% down payment and equal annual payments at the end of each year. The equipment has an expected useful life of 5 years. If the selling price of the equipment is $730000, and the rate implicit in the lease is 8%, what are the equal annual payments?

Reference no: EM132694979

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