Loan is to be repaid in equal annual installments

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Reference no: EM131459864

Big Brothers, Inc. borrows $157,937 from the bank at 12.54 percent per year, compounded annually, to purchase new machinery. This loan is to be repaid in equal annual installments at the end of each year over the next 7 years. How much will each annual payment be?

Reference no: EM131459864

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