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Loan payments and interest: Schuyler Company wishes to purchase an asset costing ​$116,000. The full amount...

Loan payments and interest: Schuyler Company wishes to purchase an asset costing ​$116,000. The full amount needed to finance the asset can be borrowed at 14.2 % interest. The terms of the loan require equal​ end-of-year payments for the next 6 years. Determine the total annual loan​ payment, and break it into the amount of interest and the amount of principal paid for each year.  

​(​Hint:Use the techniques presented in Chapter 5 to find the loan​ payment.)

The amount of the​ equal, annual,​ end-of-year loan payment is

​$nothing.

  ​(Round to the nearest​ cent.)

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