Prepare a table showing Notes Payable balances and interest expense for each year (years 1 through 8). You may use the attached template. [3] 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 A. $39,150 B. $43,200 C. $62,160 D. $82,350 The correct answer is C. A. The amount of $39,150 is based on dividing ($270,000 x 1.16) by 8 (years). B. The amount of $43,200 is 16% of $270,000. C. The periodic payment is found by dividing the amount to be accumulated ($300,000 price - $30,000 down payment = $270,000) by the interest factor for the present value of an ordinary annuity for 8 years at 16%. Consequently, the payment is $62,160 ($270,000 = 4.3436). D. The amount of $82,350 reflects multiplication by the present value of a sum due (.305) instead of dividing by the present value of an annuity (4.3436)