Loan $8,000,000.00 payout 10 years interest rate 10% what will be the annual payment?

To calculate the annual payment, you can use the formula for an annuity which is:

PMT = P * r * (1 + r)^n / ((1 + r)^n - 1)

Where: PMT = annual payment P = principal amount (the loan amount) r = annual interest rate (in decimal) n = number of years

Given: P = $8,000,000 r = 10% or 0.10 n = 10 years

Substituting these values into the formula:

PMT = $8,000,000 * 0.10 * (1 + 0.10)^10 / ((1 + 0.10)^10 - 1)

First, calculate the value of (1 + r)^n: (1 + 0.10)^10 = 2.59374

Then, substitute this value back into the formula:

PMT = $8,000,000 * 0.10 * 2.59374 / (2.59374 - 1) PMT =$8,000,000 * 0.10 * 2.59374 / 1.59374 PMT = $1,300,000

So, the annual payment would be approximately $1,300,000.