The terms of the loan require equal end-of-year payments for the next 6 years. Determine the total annual loan payment, and break it into the amount of interest and the amount of principal paid for each year.  

Schuyler Company wishes to purchase an asset costing $117,000. The full amount needed to finance the asset can be borrowed at 14% interest. The terms of the loan require equal end-of-year payments for the next 6 years. Determine the total annual loan payment, and break it into the amount of interest and the amount of principal paid for each year.

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