How much will each annual payment be

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Question: Big Brothers, Inc. borrows $169,634 from the bank at 19.49 percent per year, compounded annually, to purchase the 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? Round the answer to two decimal places.

Reference no: EM131944798

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How much will each annual payment be : Big Brothers, Inc. borrows $169,634 from the bank at 19.49 percent per year, compounded annually, to purchase the new machinery.

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