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Please help me to solve 5b with an explanation. Thank you. 5. Anchor Industries borrows $720,000 from State Bank and Trust. The bank loans the

Please help me to solve 5b with an explanation. Thank you.image text in transcribed

5. Anchor Industries borrows $720,000 from State Bank and Trust. The bank loans the money for 12 years and charges 14% annual interest. a. How much is each annual payment? b. Assume that the bank will make the loan only on condition that Anchor Industries' initial 6 payments are $175,000 each. How much will each subsequent payment be

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