Loan payments and interest Schuyler Company wishes to purchase an asset costing $110,000. The full amount needed to finance the asset can be borrowed at 13.8% interest. The terms of the loan require equal end-of-year payments for the next 6 years. Determine the total annual loan payment, and break it into the amount of interest and the amount of principal paid for each year. (Hint: Use the techniques presented in Chapter 5 to find the loan payment.) The amount of the equal, annual, end-of-year loan payment is $ . (Round to the nearest cent.)