Question: ( Annuity payments ) On December 3 1 , Son - Nan Chen borrowed $ 1 1 5 , 0 0 0 , agreeing to

(Annuity payments) On December 31, Son-Nan Chen borrowed $115,000, agreeing to repay this sum in 20 equal end-of-year installments that include both principal and 17 percent interest on the declining balance. How large wil the annual payments be?The amount of each annual payment will be $|(Round to the nearest cent.)

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