99 On August 1, a $32,400, 8%, 3-year installment note payable is issued by a company. The note requires equal payments of principal plus accrued interest be paid each year on July 31. The present value of an annuity factor for 3 years at 8% is 2.5771. The present value of a single sum factor for 3 years at 8% is 0.7938. The payment each July 31 will be: Skipped Multiple Choice $10,800.00. $11,600.00. $1,772.29. $11,200.00. $12,572.29