How much will each annual payment be, Finance Basics

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How much will each annual payment be

Problem

Big Brothers, Inc. borrows $378,756 from the bank at 13.19 percent per year, compounded annually, to purchase new machinery. This loan is to be repaid in equal annual installments at the end of each year over the next 8 years. How much will each annual payment be?

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Finance Basics: How much will each annual payment be

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