If a firm borrows $8,000 to finance the purchase of a new machine. The loan is to be repaid in 7 annual installments at the end of each of the next 7...

If a firm borrows $8,000 to finance the purchase of a new machine. The loan is to be repaid in 7 annual installments at the end of each of the next 7 years, and the interest rate on the loan is 12%. Calculate the annual payment, rounded to the nearest dollar.