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(Related to Checkpoint 6.1) (Annuity payments) A firm borrows $35,000 from the bank at 7 percent compounded annually to purchase some new machinery. This loan

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(Related to Checkpoint 6.1) (Annuity payments) A firm borrows $35,000 from the bank at 7 percent compounded annually to purchase some new machinery. This loan is to be repaid in equal annual installments at the end of each year over the next 9 years. How much will each annual payment be? The amount of each annual payment will be $ (Round to the nearest cent.)

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