Which it agrees to pay for in five equal annual payments, Financial Management

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Which it agrees to pay for in five equal annual payments

A company buys a machine for $12,000, which it agrees to pay for in five equal annual payments, beginning one year after the date of purchase, at an annual interest rate of 4%. Immediately after the second payment, the terms are changed such that the company can pay off the loan immediately in a lump sum during the following year. What is the final single payment?

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Financial Management: Which it agrees to pay for in five equal annual payments

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Financial Management: Which it agrees to pay for in five equal annual payments

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