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Kingsley Toyota borrowed $175,000 from a local bank. The loan requires Kingsley to pay 15 equal annual installments beginning one year from today. Assume
Kingsley Toyota borrowed $175,000 from a local bank. The loan requires Kingsley to pay 15 equal annual installments beginning one year from today. Assume an interest rate of 7%. What is the amount of each annual installment payment? (FV of $1, PV of $1, FVA of $1. PVA of $1, EVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) (Round your final answers to nearest whole dollar amount.) Table or calculator function: Loan Amount: Loan Payment: n=
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