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This loan is to be repaid in equal annual installment at

Big Brothers, Inc. borrows $66,737 from the bank at 18.15 percent per year, compounded annually, to purchase new machinery. This loan is to be repaid in equal annual installment at the end of each over the next 8 years. How much will each annual payment be?

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Finance Basics: This loan is to be repaid in equal annual installment at

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