On January 1, 2016, ABC Corp. borrowed $ 75500 by signing an installment loan. The loan will be repaid in 21 equal payments, one at the beginning of each year. The first payment is made on January 1, 2016. The interest rate for the loan is 9 %.
Calculate the annual payment required. Show your final answer and show all the work to support your answer.
Prepare the amortization table for the loan using the format covered in class.