How much will Kingston Technologies have to pay each year in eight equal payments, starting 2 years from now, to repay a $900,000 loan? The interest rate is 8% per year.
What will be an ideal response?
A = 900,000(F/P,8%,1)(A/P,8%,8)
= 900,000(1.08)(0.17401)
= $169,138
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