Anderson Manufacturing​ Co., a small fabricator of​ plastics, needs to purchase an extrusion molding machine for $120,000. Kersey will borrow money from a bank at an interest rate of 14% over five years. Anderson expects its product sales to be slow during the first​ year, but to increase subsequently at an annual rate of 7%. Anderson therefore arranges with the bank to pay off the loan on a​"balloon scale," which results in the lowest payment at the end of the first year and each subsequent payment being just 7% over the previous one. Determine the five annual payments.