Sam Hinds, a local dentist, is going to remodel the dental reception area and add two new workstations. He has contacted A-Dec, and the new equipment and cabinetry will cost $20,000. A-Dec will finance the equipment purchase at 7.5% for 8 years. What will Hinds have to pay in annual payments for this equipment?

What will Hinds have to pay in annual payments for this equipment? $enter your response here(Round to the nearest cent.)