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(The following information is for the next three questions.) Lorkay Seidens Inc. just borrowed $75,000. The loan is to be repaid in equal installments at

(The following information is for the next three questions.)

Lorkay Seidens Inc. just borrowed $75,000. The loan is to be repaid in equal installments at the end of each of the next fifteen years, and the interest rate is ten percent.

16. What is the annual payment that the company has to make?

17. What portion of the eighth payment is used to pay for interest?

18. What portion of the eleventh payment is used to pay for the principal?

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