What is amount of each payment-use the appropriate formula

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If you borrowed $24,000 today and you have to pay them back in five equal payments over 10 years (one payment every 2 years). With 8% interest rate compounded annually, what is the amount of each payment? (C=?). Please do not use the chart method. Use the appropriate formula(s) and not the formulas used in Excel.

Reference no: EM131006281

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