Your company is taking the loan of $1,260,000 for a new business plan. The interest rate is set at 6%. The entire debt must be paid in 5 years in an annuity payment plan. The Present Value Interest Factor for an Annuity (PVIFA – at 6% interest rate for 5 years) is 4.2000. (This is a simplified index to make calculation easy.)
What is the amount of annual payment for this debt according to the given information? Do not put dollar sign ($) or a comma (,) in your answer. Put just numbers (for example, 1000 for $1,000).