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A Company borrowed money from a local bank. The note the company signed requires five annual installment payments of $20,000 beginning immediately. The interest
A Company borrowed money from a local bank. The note the company signed requires five annual installment payments of $20,000 beginning immediately. The interest rate on the note is 9%. What amount did the company borrow? Note: Use tables, Excel, or a financial calculator. (FV of $1. PV of $1. EVA of $1, PVA of $1. EVAD of $1 and PVAD of $1) Table, Excel, or calculator function: Payment: Present Value: PVAD of $1 $ 20,000 0 = 5 9%
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