Big brothers inc borrows 431375 from the bank at 1320, Financial Management

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Big brothers inc borrows 431375 from the bank at 1320

Big Brothers, Inc. borrows $431,375 from the bank at 13.20 percent per year, compounded annually, to purchase new machinery. This loan is to be repaid in equal annual instalments at the end of each year over the next7 years. How much will each annual payment be?

Round the answer to two decimal places

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Financial Management: Big brothers inc borrows 431375 from the bank at 1320

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