Determine the annual loan payment

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Shredding Pines Company wishes to purchase an asset that costs $750,000. The full amount needed to finance the asset can be borrowed at 9 percent interest. The terms of the loan require equal end-of-year payments for the next eight years. Determine the annual loan payment, and break it into the amount of interest and the amount of principal paid for each year.

Reference no: EM131290307

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