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Josh purchased a baseball team for 100 million dollars and financed the entire purchase price at a nominal rate of interest payable 12 times per year at 6% per annum. Josh planned to repay the loan with 10 annual payments of equal amount beginning one year after the loan began. Right after Josh made his fourth annual payment, he refinanced the loan at an effective annual interest rate of 5% for 15 more years. Josh repaid this new 15 year loan with equal payments at the end of each year. How much were these new payments for the refinanced loan?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92424670

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