Question 2

2. A steel manufacturer borrowed $160,000 at an interest rate of 9% compounded annually over six years. The loan will be repaid in installments at the end of each year according to the accompanying repayment schedule. What will be the size of the last payment (X) that will pay off the loan? 1 Click the icon to view the diagram for cash flows. (Round to the nearest dollar.) The last payment to pay off the loan will be $ 1: More Info $160,000 Years 3 1 2 4 5 6 $9,000 $23,000 $23,000 $23,000 $23,000 X