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A company borrowed $60,000 cash from the bank and signed a 6-year note at 7%. (The present value of an annuity for 6 years at

A company borrowed $60,000 cash from the bank and signed a 6-year note at 7%. (The present value of an annuity for 6 years at 7% is 4.7665). The annuity payments equal $12,588. The present value of the loan is:

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