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Mathematics 23 Online
OpenStudy (anonymous):

Action Machining Company purchased a robot-controlled lathe for $225,000 and financed the full amount at 8% annual simple interest for 4 years. The simple interest on the loan is $72,000. Find the monthly payment.

OpenStudy (anonymous):

[P(r/12) / [1-(r/12)^-m\]

OpenStudy (anonymous):

therefore

OpenStudy (anonymous):

P for principal, r for rate, m for yrs.

OpenStudy (anonymous):

Thank you

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