Calvin Corp. borrowed $80,000 from a bank and signed an installment note that calls for five annual

Question:

Calvin Corp. borrowed $80,000 from a bank and signed an installment note that calls for five annual payments of equal size, with the first payment due one year after the note was signed. Use Table 15B.2 or a calculator to calculate the size of the annual payment for each of the following annual interest rates:
a.5%
b.7%
c.10%