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Hi I don't know which formula to use for this. Big Brothers, Inc. borrows $167,428 from the bank at 15.32 percent per year, compounded annually, to...

Hi I don't know which formula to use for this.


 

Big Brothers, Inc. borrows $167,428 from the bank at 15.32 percent per year, compounded annually, to purchase new machinery. This loan is to be repaid in equal annual installments at the end of each year over the next 6 years. How much will each annual payment be?

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Annual Payment... View the full answer

Present Value (PV): A value that states the current value of a future sum of money is called present value. Present value is... View the full answer

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