A company borrowed cash from the bank by signing a 3-year, 9% installment note. The present value for an annuity (series of payments) at 9% for 3 years is 2.5313. The present value of 1 (single sum) at 9% for 3 years is .7722. Each annual payment equals $75,900. The present value of the note is:

Multiple Choice

• $89,953.78.

• $29,984.59.

• $227,700.00

• $192,125.67.

• $98,290.60.