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Adam Baum Company borrowed $64,000 from B. A. Ware on January 1, 2021, and signed a three-year, 4% installment note to be paid in
Adam Baum Company borrowed $64,000 from B. A. Ware on January 1, 2021, and signed a three-year, 4% installment note to be paid in three equal payments at the end of each year. The present value of an ordinary annuity of $1 for 3 periods at 4% is 2.77509. Required: Calculate the amount of one installment payment. (Round your final answer to the nearest whole dollar.) Installment payment
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Managerial Accounting
Authors: Ray Garrison, Eric Noreen and Peter Brewer
14th edition
978-007811100, 78111005, 978-0078111006
