Big brothers inc borrows 460368 from the bank at 685, Ask an Expert

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Big Brothers, Inc. borrows $460,368 from the bank at 6.85 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?

Round the answer to two decimal places.

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M91600680

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