Not use ai please don't Big Brothers, Inc. borrows $424,186from the bank at 9.51 percent per year,compounded annually, to purchasenew machinery. This loan is to berepaid in equal annual installments atthe end of each year over the next 6years. How much will each annualpayment be?Round the answer to two decimalplaces.

Step 1: Given Value for Calculation Present Value of Payment = pv = $424,186Interest Rate = r =…

Answered: Big Brothers, Inc. borrows $424,186…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 5Q: If Bergen Air Systems takes out a $100,000 loan, with eight equal principal payments due over the...

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Big Brothers Inc. borrows $244,621 from the bank at 19.9 percent per year, compounded annually, to purchase new machinery. This loan is to be repaid in equal annual installments at the end of each year over the next 3 years. How much will each annual payment be? Round to two decimal places.
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