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A textiles company, Macao's Weaving, purchases a yarn-spinning machine worth $50,000. The company pays 10% of...

A textiles company, Macao's Weaving, purchases a yarn-spinning machine worth $50,000. The company pays 10% of the cost up front and pays the remaining balance in equal quarterly payments over 15 years. The interest rate is 4% compounded quarterly. What is the amount of the payments?

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