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QUESTION
Johnson Corporation has borrowed $100,000 from a bank with the understanding that it will pay $4,000 a month, until the loan is paid off.
Johnson Corporation has borrowed $100,000 from a bank with the understanding that it will pay $4,000 a month, until the loan is paid off. The bank will charge 6% per annum interest on the unpaid balance, calculated monthly. Johnson will make the payments at the end of each month. Find the following:
