Columbia bank trust has just given you a 20000 term loan, Financial Management

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Columbia bank trust has just given you a 20000 term loan

Columbia Bank & Trust has just given you a $20,000 term loan to pay for a new concrete mixer. The loan requires equal monthly payments over the next 5 years. If the loan provides the bank with a 12 percent return, what will be your monthly payments? What would be the annual payment if the loan required 5 annual payments?

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Financial Management: Columbia bank trust has just given you a 20000 term loan

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