The granite group purchased a piece of equipment for 12, Financial Management

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The granite group purchased a piece of equipment for 12

The Granite Group purchased a piece of equipment for $1.2 million. They paid a down payment of 20% in cash and financed the balance. The loan terms require monthly payments for 15 years at an annual percentage rate of 7.75% compounded monthly. What is the amount of each payment?

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Financial Management: The granite group purchased a piece of equipment for 12

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