Question
Canliss Mining Company borrowed money from a local bank. The note the company signed requires five annual installment payments of $16,500 beginning one year
Canliss Mining Company borrowed money from a local bank. The note the company signed requires five annual installment payments of $16,500 beginning one year from today. The interest rate on the note is 7%. (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? (Round your final answers to nearest whole dollar amount.) Table or calculator function: Payment n= Present Value:
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Intermediate Accounting
Authors: J. David Spiceland, James Sepe, Mark Nelson
6th edition
978-0077328894, 71313974, 9780077395810, 77328892, 9780071313971, 77395816, 978-0077400163
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