Canliss Mining Company borrowed money from a local bank. The note the company signed requires five annual installment payments of $12,500 beginning one year from today. The interest rate on the note is 9%. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)

What amount did Canliss borrow?

TABLE OR CALCULATOR FUNCTION...?

PAYMENT...?

N=...?

I=...?

PRESENT VALUE...?