Question: Please provide the accurate answer to this general accounting problem using appropriate methods. Brighton Tools plans to purchase new production equipment costing $42,000. The company

Please provide the accurate answer to this general accounting problem using appropriate methods.

Brighton Tools plans to purchase new production equipment costing $42,000. The company will finance the purchase with a 4-year loan at an interest rate of 9%. What will be the annual loan payment (annuity) required to fully repay the loan over 4 years? a) $13,228.52 b) $10,762.81 c) $12,948.40 d) $11,703.09

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