Lorkay Seidens Inc. just borrowed $120,000. The loan is to be repaid in equal installments at the end of each of the next twenty years, and the interest rate is ten percent. 4. What is the annual payment that the company has to make? 120,000/ PV annuity factor 20 years at 10% = 5. What portion of the eighth payment is used to pay for interest? 6. What portion of the thirteenth payment is used to pay for principal?