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Mooch corporation borrowed 425000 from the bank on january

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Mooch Corporation borrowed $425,000 from the bank on January 1, Year 1. The loan agreement states that Mooch will repay the loan in 10 equal annual installments due on December 31. The first payment is due December 31, Year 1.  If the loan agreement states the interest that Mooch must pay to borrow the funds is 7%, how much is each installment? Round your answer to the nearest $1.00 and write your answer without using a $ sign (e.g., 2,000.00 NOT $2,000.00)

Reference no: EM13572582

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