Your company purchased a machine for $60,000. The loan is for four years and calls for...

Your company purchased a machine for $60,000. The loan is for four years and calls for 8% interest. What will be the monthly payment due on the loan?

Expert Solution

PV =

r = 8%/12 = 0.6667% (monthly), n = 4 * 12 = 48 months

60,000 = P * 40.96191

P = $1,464.78

jeff jeffy answered 2 years ago

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