A company borrows $400,000 by issuing an 8% installment note, payable in annual installments over...

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Accounting

A company borrows $400,000 by issuing an 8% installment note, payable in annual installments over 15 years.
Approximately how much is each annual installment?
Multiple Choice
$46,732
$32,000
$58,667
$26,667
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