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What is the size of the month-end payments

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Tan Company purchased a large server for $14,500. The company paid 50% of the value as a down-payment and received a loan for the balance at 4.75% compounded monthly. The loan has a term of 7 years and Tan Company has to make month-end payments to settle the loan.

a. What is the size of the month-end payments? Round to the nearest cent.

b. What was the total amount paid to settle the loan? Round to the nearest cent.

Reference no: EM132455565

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