Big brothers 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 installments at the end of each year over the next 8 years. How much will each annual payment be?
Big brothers 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 installments at the end of each year over the next 8 years. How much will each annual payment be?
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