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What is amount to repay the loan in six equal annual payment

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Problem 1: Bodine Electric makes gear motors with a three-stage, selectively hardened gearing cluster that is permanently lubricated. If the company borrows $20 million for a new warehouse/distribution facility, what is the amount to repay the loan in six equal annual payments? The loan's interest rate is 10% per year.

Reference no: EM132985539

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