Big Brothers, Inc. borrows $174,189 from the bank at 17.93 percent per year, compounded annually, to purchase

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Big Brothers, Inc. borrows $174,189 from the bank at 17.93 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 7 years. How much will each annual payment be?

Round the answer to two decimal places.

Posted Date: May 19, 2024 03:15 AM

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Big Brothers, Inc. borrows $174,189 from the bank at 17.93 percent per year, compounded annually, to purchase

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