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Lorkay Seidens Inc. just borrowed $300,000. The loan is to be repaid in equal installments at the end of each of the next thirty years,

Lorkay Seidens Inc. just borrowed $300,000. The loan is to be repaid in equal installments at the end of each of the next thirty years, and the interest rate is six percent.

16. What is the annual payment that the company has to make?

17. How much of the seventh payment is used to pay for interest?

18. How much of the sixteenth payment is used to pay for principal?

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