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A company borrowed $300,000 cash from the bank by signing a five-year, 8% installment note. The present value factor for an annuity at 8% for
A company borrowed $300,000 cash from the bank by signing a five-year, 8% installment note. The present value factor for an annuity at 8% for five years is 3.9927. Each annuity payment equals $75,137. How much cash did the company receive from the bank on the day they borrowed this money?
| $75,137 | |
| $94,013 | |
| $300,000 | |
| $375,685 | |
| $1,197,810 |
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