Question: Dawson Electricals has borrowed $ 2 7 , 8 5 0 from its bank at an annual rate of 6 . 5 percent. It plans

Dawson Electricals has borrowed $27,850 from its bank at an annual rate of 6.5 percent. It plans to repay the loan in eight equal annual installments, beginning in a year. What is its annual loan payment? (Round to the nearest dollar.)

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