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Exercise 5-11 (Algo) Deferred annuities (LO5-8] Lincoln Company purchased merchandise from Grandville Corp. on September 30, 2021. Payment was made in the form of a

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Exercise 5-11 (Algo) Deferred annuities (LO5-8] Lincoln Company purchased merchandise from Grandville Corp. on September 30, 2021. Payment was made in the form of a noninterest-bearing note requiring Lincoln to make six annual payments of $7,000 on each September 30, beginning on September 30, 2024. (FV of $1. PV of $1. EVA of $1. PVA of $1. FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided. Round your final answer to nearest whole dollar amount.) Required: Calculate the amount at which Lincoln should record the note payable and corresponding purchases on September 30, 2021, assuming that an interest rate of 6% properly reflects the time value of money in this situation. Amount recorded Sandy Kupchack just graduated from State University with a bachelor's degree in history. During her four years at the university, Sandy accumulated $11,750 in student loans. She asks for your help in determining the amount of the quarterly loan payment. She tells you that the loan must be paid back in five years and that the annual interest rate is 8%. Payments begin in three months. (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.) Required: Determine Sandy's quarterly loan payment. (Round your final answers to nearest whole dollar amount.) Table or calculator function: Present value: Quarterly payment

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