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A company is considering purchasing a machine for $75,000. The machine is expected to generate a net after-tax income of $11,250 per year. Depreciation expense would be $7,500. What is the payback period for this machine?
Compounded monthly
The process of adding interest to the principal sum of a loan or deposit, where this addition of interest occurs once every month.
Compounded annually
Interest calculated once a year on the principal amount of an investment, including any interest from previous periods.
Foreclosure action
A legal process in which a lender seeks to recover the balance of a loan from a borrower who has stopped making payments, typically by selling the property used as collateral.
Purchase price
The price at which an item or property is bought.
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