Using the PVIFA table (table 9.4 in the textbook), determine the annual payment on a $600,000, 10 percent, business loan from a commerical bank that is to be amortized over a five-year perid.

TABLE 9.4 Present Value Interest Factor (PVIFA) for a $1 Ordinary Annuity 7% 10% 8% 9% 6% Year 5% 0.952 0.943 0.935 0.926 0.917 0.909 1 1.859 1.833 1.808 1.783 1.759 1.736 2 2.273 2.673 2.624 2.577 2.531 2.487 3 3.546 3.465 3.387 3.312 3.240 3.170 4 4.329 4.212 4.100 3.993 3.890 3.791 5 5.076 4.917 4.767 4.623 4.486 4.355 6 5.786 5.582 5.389 5.206 5.033 4.868 7 6.463 6.210 5.971 5.747 5.535 5.335 8 7.108 6.802 6.515 6.247 5.995 5.759 10 7.722 7.360 7.024 6.710 6.418 6.145