If you buy a factory for $250,000 and the terms are 20%
down, the balance to be paid off over 30 years at 12% rate of interest on
unpaid balance, what are the 30 equal annual payments? (Round to nearest whole dollar)
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Answer is $24,829
Financial calculator solution:
Inputs: N = 30; I = 12; PV = -200,000; FV = 0.
Output: PMT = $24,828.73 ÷ $24,829.
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