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annual installments at the end ( Annuity payments ) A firm borrows $ 5 0 , 0 0 0 from the bank at 6 percent

annual installments at the end (Annuity payments) A firm borrows $50,000 from the bank at 6 percent compounded annually to purchase some new machinery. This loan is to be repaid in equal and of each year over the next 12 years. How much will each annual payment be?
The amount of each annual payment will be $
(Round to the nearest cent.)
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