Note Payable and Interest Payoff Table Prepare a table showing Notes Payable balances and interest expense for each year (years 1 through 8). You may use the attached template. [5] Risoner Company plans to purchase a machine with the following conditions: . Purchase price $300,000. . The down payment: 10% of purchase price with remainder financed at an annual interest rate of 16%. The financing period is 8 years with equal annual payments made every year. The present value of an annuity of $1 per year for 8 years at 16% is 4.3436. The present value of $1 due at the end of 8 years at 16% is .3050. . . The annual payment (rounded to the nearest dollar) is