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# Problem 1 Future Value of Investment If a firm has $250,000 to invest and can earn 8.5%, compounded annually, how much will the firm have after two

A couple borrows $935,000 for 7 years for the purchase of a vacation home at an interest rate of 7%. The loan requires that the interest and principal be paid in equal, annual payments. The interest is determined on the declining balance that is owed. What are the required annual payments on the loan?