Halep Inc. borrowed $18,915 from Davis Bank and signed a 3-year note payable stating the interest rate was 8% compounded annually. Using the Present Value of an Annuity of 1 TABLE4, what is the factor?

Halep Inc. borrowed $27,295 from Davis Bank and signed a 3-year note payable stating the interest rate was 2% compounded annually. Using the Present Value of an Annuity of 1 TABLE4, calculate the factor. Next, determine the annual payment amount. Round to the nearest penny, two decimal places.