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On January 2, 2017, Jensen Company borrowed $197,000 from Lyon Country Bank. The terms of the loan agreement specified 4 equal annual payments at 6%

On January 2, 2017, Jensen Company borrowed $197,000 from Lyon Country Bank. The terms of the loan agreement specified 4 equal annual payments at 6% annual interest. Using the present value of an ordinary annuity of 1, what would be the amount of each of these payments, assuming that they begin on December 31, 2017?

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