What was the amount of the first quarterly payment

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Reference no: EM131587303

Fieldsaver Technologies, a manufacturer of precision laboratory equipment, borrowed exist2 million to renovate one of its testing labs. The loan was repaid in 2 years through quarterly payments that increased by exist50,000 each time. At an interest rate of 12% per year, compounded quarterly, what was the amount of the first quarterly payment?

The amount of the first quarterly payment is exist

Reference no: EM131587303

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