Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Palisades Inc purchased several trucks with an installment note payable on 1/1/2019. Palisades Inc agreed to pay $50,000 at the end of each year for

Palisades Inc purchased several trucks with an installment note payable on 1/1/2019. Palisades Inc agreed to pay $50,000 at the end of each year for four years. The instalments will fully pay off the loan and all interest. The interest rate of the loan was 4%. What was Palisades Inc's loan balance at 12/21/20192 (Round your answer to the nearest dollar) PV of $1 when N=4, 1=4% =0.85480 PV of annuity when N=4, I=4% = 3.62990)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Effective Writing A For Accountants

Authors: Claire B. May, Gordon S. May

9th Edition

0132567245, 9780132567244

More Books

Students also viewed these Accounting questions