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What is the monthly loan payment of biotech firm

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Your biotech firm plans to buy a new DNA sequencer for $500,000. The seller requires that you pay 20% of the purchase price as a down payments, but is willing to finance the remainder by offering a 48-month loan with equal monthly payments and an interest rate of 0.5% per month. What is the monthly loan payment?

Reference no: EM132507169

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