### Determine present value with periodic rates

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Question: Present value with periodic rates. Cooley Landscaping needs to borrow \$26,000 for a new? front-end dirt loader. The bank is willing to loan the money at 99% interest for the next 6 years with annual?, semiannual, quarterly?, or monthly payments. What are the different payments that Cooley Landscaping could choose for these different payment? plans?

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