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Your supervisor has tasked you with evaluating several loans related to a new expansion project. Determine the annual payment on a $400,000, 8% business loan

Your supervisor has tasked you with evaluating several loans related to a new expansion project. Determine the annual payment on a $400,000, 8% business loan from a commercial bank that is to be amortized over a five-year period. Show your work. Does this payment seem reasonable? Explain.

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