What would be the annual payment

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Reference no: EM132002674

Columbia Bank & Trust has just given you a $20,000 term loan to pay for a new concrete mixer. The loan requires equal monthly payments over the next 5 years. If the loan provides the bank with a 12 percent return, what will be your monthly payments? What would be the annual payment if the loan required 5 annual payments? Please show work.

Reference no: EM132002674

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