Homework #3C (How much will each annual payment be (Using FV or PV))

Question 1 (1 point)

Big Brothers, Inc. borrows $261,080 from the bank at 14.96 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 7 years. How much will each annual payment be?

Round the answer to two decimal places.

Finance 330