Murray Company borrows $340,000 cash from a bank and in return signs an installment note for five Computing payments for annual payments of equal amount, with the first payment due one year after the note is signed. Use an installment note C1 Table B.3 in Appendix B to compute the amount of the annual payment for each of the following annual market rates:

(a) 4%,

(b) 8%, and

(c) 12%.