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Your company decides to borrow $250,000 to purchase new equipment. The bank charges an annual interest rate of 8% with annual compounding. If you pay

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Your company decides to borrow $250,000 to purchase new equipment. The bank charges an annual interest rate of 8% with annual compounding. If you pay back the loan over 30 years, what is your annual payment(round to the nearest dollar)? $22,207 $23,451 511,230 $21,756

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