What is the size of eight equal annual payments to repay a loan of $1,000? The first payment is due one year after receiving the loan? The interest rate is 10% per year. Hint (at_Page 21) The constant...

Extracted text: What is the size of eight equal annual payments to repay a loan of $1,000? The first payment is due one year after receiving the loan? The interest rate is 10% per year. Hint (at_Page 21) The constant amount or payment (PMT) per interest period is calculated using the formula: PV(RATE(1+ RATE)NPER (1+ RATE)NPER – 1 PMT = RATE = effective interest rate per interest period NPER = number of compounding (interest) periods %3D PV = present value or principle or initial amount at the start