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A company borrowed cash from the bank by signing a 7-year, 9% installment note. The present value of an annuity factor at 9% for 7

A company borrowed cash from the bank by signing a 7-year, 9% installment note. The present value of an annuity factor at 9% for 7 years is 5.0330. Each annual payment equals $79,475.46. The present value of the note is:

$400,000.00. $98,351.46. $479,475.46. $79,475.46. $297,810.00.

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