Jackson Electric Company has borrowed $27,850 from its bank at an annual rate of 8.5 percent. The company plans to repay...
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Jackson Electric Company has borrowed $27,850 from its bank at an annual rate of 8.5 percent. The company plans to repay the loan in eight equal installments. What is the annual loan payment?
$4,708 |
$4,748 |
$4,939 |
$5,134 |