Risoner Company plans to purchase a machine with the following conditions:

Purchase price $=$ $$300,000.$

The down payment $=10\%$ of purchase price with remainder financed at an annual interest rate of $16\%.$

The financing period is $8$ years with equal annual payments made at the end of each year.

Note: your factor should have seven decimal places $($e$.$g$.,0\mathrm{.}0000007)$

Please solve for the annual payment, or $$rent$($rounded to the nearest dollar$).$

Answer: $$\_\_\_\_$

Can you help me find the discount factor and step by step way to solve this. My factor table only goes up to $15\%$