How much will each annual payment be in given problem

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Question: Custom Jobs, Inc. borrows $285135 from the bank at 11.76 percent per year, compounded annually, to purchase new equipment. This loan is to be repaid in equal annual installments at the end of each year over the next 5 years. How much will each annual payment be? Round the answer to two decimal places.

Reference no: EM131965144

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How much will each annual payment be in given problem : Custom Jobs, Inc. borrows $285135 from the bank at 11.76 percent per year, compounded annually, to purchase new equipment. This loan is to be repaid in equal.

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