How much should each payment be, Financial Management

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How much should each payment be

Problem

The chief finance officer of your school district reminded the school district board of a loan that they have to pay off in 8 years. The amount needed to pay off the loan in 8 years is $130,260.33. The officer recommended that the district should prepare for the payoff by setting aside annual payments into a fund paying 2.3%. How much should each payment be?

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Financial Management: How much should each payment be

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Financial Management: How much should each payment be

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