(Answered) Question - on january 1 2016 john cothran offers to buy

Accounting

Question - On January 1, 2016, John Cothran offers to buy Ruth House's used tractor and equipment for $4,000 payable in 12 equal semiannual installments which are to include payment of 10% interest on the unpaid balance and payment of a portion of the principal with the first installment to be made on January 1, 2016. Calculate the amount of each of these installments.

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