2.44 You have borrowed $50,000 at an interest rate of 12%. Equal payments will be made over a three-year period. (The first payment will be made at the end of the first year.) What will the annual payment be, and what will the interest pay. ment be for the second year? 2.45 You are considering buying a piece of industrial equipment to automate a part of your production process. This automation will save labor costs by as much as $35,000 per year over 10 years. The equipment costs $200,000. Should you pur chase the equipment if your interest rate is 12%? 2.46 An investment costs $5,620 and pays $320 in perpetuity. What is the interest carned on this investment? 2.47 At an interest rate of 8%, what is the present value of an asset that produces $1,000 a year in perpetuity