Question: Loan paymentDetermine the equal, annual, end-of-year payment required each year over the life of the loan shown in the following table to repay it fully

Loan paymentDetermine the equal, annual, end-of-year payment required each year over the life of the loan shown in the following table to repay it fully during the stated term of the loan.

Principal

Interest rate

Term of loan (years)

$37,000

9%

17

Question

The amount of the equal, annual, end-of-year payment, CF, is $ ? (Round to the nearest cent.)

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