A $6,000,000 apartment complex loan is to be paid off in 10 years by making 10 equal annual payments. How much is each payment if the interest rate is 7.5% compounded annually? (a) State the type....

A $6,000,000 apartment complex loan is to be paid off in 10 years by making 10 equal annual payments. How much is each payment if the interest rate is 7.5% compounded annually?

(a) State the type.

ordinary annuity sinking fund amortization present value of an annuity present value