Determine the payment amount and the total finance charge, Business Economics

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Determine the payment amount and the total finance charge

Cranford Cranberry Bogs just purchased new water whipping equipment for $100,000. Cranford agreed to repay the loan over a period of 10 years with semiannual payments. The loan's interest rate is 8%. Determine the payment amount and the total finance charge. (Answer: total finance charge = $47.2K)

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Business Economics: Determine the payment amount and the total finance charge

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Business Economics: Determine the payment amount and the total finance charge

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