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Sam Hinds, a local dentist, is going to remodel the dental reception area and add...

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Finance

Sam Hinds, a local dentist, is going to remodel the dental reception area and add two new workstations. He has contacted A-Dec, and the new equipment and cabinetry will cost $24,000. A-Dec will finance the equipment purchase at 8.5% for 5 years. What will Hinds have to pay in annual payments for this equipment?

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