Carla Vista Ltd$.$ signed an instalment note on January $1,2023,$ in settlement of an account payable of $$43,500$ owed to Mott Ltd$.$ Carla

Vista is able to borrow funds from its bank at $9\%,$ whereas Mott can borrow at the rate of $7\%.$ The note calls for two equal payments of

blended principal and interest to be made at December $31,2023$ and $2024.$

Using $(1)$ factor Table A$\mathrm{.}4,(2)$ a financial calculator, or $(3)$ Excel function PV$,$ calculate the amount of the equal instalment payments that

will be made to Mott. $($Hint: Refer to Chapter $3$ for tips on calculating.$)($Round present value factor calculations to $5$ decimal places, e$.$g$.$

$1\mathrm{.}25124$ and final answer to $0$ decimal places e$.$g$.58,971.)$

Click here to view the factor table PRESENT VALUE OF $1.$

Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF $1.$

Amount of the equal instalment to be paid $