Question: Ayam Sdn Bhd who owns chicken farm in Kulai has borrowed $8 M from Along Bank with the understanding that the company will pay

Ayam Sdn Bhd who owns chicken farm in Kulai has borrowed $8

Ayam Sdn Bhd who owns chicken farm in Kulai has borrowed $8 M from Along Bank with the understanding that the company will pay $2 M at the end of year 1 and then makes equal annual payments in years 2 through 7 to pay off the loan. If the interest rate on the loan was 9% per year, how much was each payment in years 2 through 7?

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