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A Company borrowed money from a local bank. The note the company signed requires five annual installment payments of $10,000 beginning one year from today.
A Company borrowed money from a local bank. The note the company signed requires five annual installment payments of $10,000 beginning one year from today. The interest rate on the note is 7%.
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)
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| Payment: | |
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