A Company borrowed money from a local bank. The note the company signed requires five annual installment payments of $16,000 not due for three years. The interest rate on the note is 6%. What amount did the company borrow? Note: Use tables, Excel, or a financial calculator. Round your intermediate and 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) Step 1: Calculate the PV of the Ordinary Annuity Component: Payment: $ 16,000 n = 5 = 6% Present Value: $ 67,398 Step 2: Convert the Annuity to a Single Sum: Payment: Present Value: n = =