Question
A company borrowed cash from the bank by signing a 5-year, 8% installment note. The present value of an annuity factor at 8% for 5
A company borrowed cash from the bank by signing a 5-year, 8% installment note. The present value of an annuity factor at 8% for 5 years is 3.9927. Each annual payment equals $75,000. The present value of the note is:
| $56,352.84 | ||
| $92,921.41 | ||
| $299,452.50 | ||
| $187,842.81 |
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Modern Auditing
Authors: Graham W. Cosserat, Neil Rodda
3rd Edition
0470319739, 9780470319734
