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9. Martin company purchased an equipment in exchange of an installment note, promising to pay $16.000 at the end of each year for a period

9. Martin company purchased an equipment in exchange of an installment note, promising to pay $16.000 at the end of each year for a period of 4 years. The implicit rate of interest is 6%. What is the balance of the Note Payable after the first annual payment (round to the nearest dollar)?  

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