3 4 5 A company borrowed money from a local bank. The note the company signed requires five annual installment payments of 6 $30,000 beginning immediately. The interest rate on the note is 9%. What amount did the company borrow? 7 8 Amount of each installment payment 9 Interest rate 10 Number of years 11 12 13 14 15 Amount borrowed $30,000 9% 5 16 17 Students: The scratchpad area is for you to do any additional work you need to solve this question or can be used to show your work. 18 Nothing in this area will be graded, but it will be submitted with your assignment. 10