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A Company borrowed money from a local bank. The note the company signed requires five annual installment payments of $18,000 beginning one year from
A Company borrowed money from a local bank. The note the company signed requires five annual installment payments of $18,000 beginning one year from today. The interest rate on the note is 5%. What amount did the company borrow? Note: Use tables, Excel, or a financial calculator. Round your final answers to nearest whole dollar amount. (FV of $1, PV of $1. FVA of $1, PVA of $1. FVAD of $1 and PVAD of $1) Table, Excel, or calculator function: Payment: Present Value: PVA of $1 $ 18,000 n= i= 5%
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