Your company is developing a new product. To finance this project, you borrow $36000. Interest is 6%, compounded monthly.

Suppose that this loan is to be repaid by equal annual payments over 13 years, with your first payment due one year after the date of the loan.

Your company is developing a new product. To finance this project, you borrow $36000. Interest is 6%, compounded monthly. Suppose that this loan is to be repaid by equal annual payments over 13 years, with your first payment due one year after the date of the loan. Find the size of your annual payment. The answer is a dollar value, so it should be expressed to two decimal places. O $ 2687.12 O $ 2867.12 O $ 1886.11 $ 2777.30 $ 4106.52 $ 2762.33