TriStar Company, a small biotechnology firm, has borrowed $200,000 to purchase laboratory equipment for gene splicing. T

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TriStar Company, a small biotechnology firm, has borrowed $200,000 to purchase laboratory equipment for gene splicing. T

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TriStar Company, a small biotechnology firm, has borrowed$200,000 to purchase laboratory equipment for gene splicing. Theloan carries an interest rate of 8% per year and is to be repaid inequal installments over the next 8 years. What is the amount of theannual installment?
Group of answer choices
$34,802.95
$38,414.48
$32,015.94
$25,000.00
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