Determine the total annual loan payment

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Schuyler Company wishes to purchase an asset costing $117,000. The full amount needed to finance the asset can be borrowed at 14% interest. The terms of the loan require equal end-of-year payments for the next 6 years. Determine the total annual loan payment, and break it into the amount of interest and the amount of principal paid for each year.

Reference no: EM131109992

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Determine the total annual loan payment : Schuyler Company wishes to purchase an asset costing $117,000. The full amount needed to finance the asset can be borrowed at 14% interest. The terms of the loan require equal end-of-year payments for the next 6 years. Determine the total annual loan..
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