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Halep Inc. borrowed $41,128 from Davis Bank and signed a 7-year note payable stating the interest rate was 1% compounded annually. Using the Present Value

Halep Inc. borrowed $41,128 from Davis Bank and signed a 7-year note payable stating the interest rate was 1% compounded annually. Using the Present Value of an Annuity of 1 TABLE4 or Figure B2 here below., calculate the factor. Next, determine the annual payment amount. Round to the nearest penny, two decimal places.

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