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On November 30, 2023, Calla Resources Ltd. borrowed $100,000 from a bank by signing a four-year instalment note bearing interest at 12%. The terms of

On November 30, 2023, Calla Resources Ltd. borrowed $100,000 from a bank by signing a four-year instalment note bearing interest at 12%. The terms of the note require equal payments each year on November 30, starting November 30, 2024. Use TABLE 14A.2 (Use appropriate factor(s) from the tables provided.) Required: 1. Calculate the size of each instalment payment. (Do not round intermediate calculations. Round the final answer to the nearest whole dollar.)

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