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determine the annual payment on a $400,000, 8% business loan from a commercial bank that is to be amortized over a five-year period. Show your

determine the annual payment on a $400,000, 8% business loan from a commercial bank that is to be amortized over a five-year period. Show your work. Does this payment seem reasonable? Explain.

Use PV = present value, FV = future value, r = interest rate, and n = number of periods

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