Schuyler Company wishes to purchase an asset costing $116,000. The full amount needed to finance the asset can be borrowed at 13.8% interest. The terms of the loan require equal end-of-year payments for the next six years. Determine the total annual loan payment, and break it into the amount of interest and the amount of principal paid for each year.

(Hint: Use the techniques presented in Chapter 5 to find the loan payment.)