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Pine Gap Company borrowed $48,000 from H.T. Trust on January 1, 2024, and signed a three-year, 6% installment note to be paid in three equal
Pine Gap Company borrowed $48,000 from H.T. Trust on January 1, 2024, and signed a three-year, 6% installment note to be paid in three equal payments at the end of each year. The present value of an ordinary annuity of $1 for 3 periods at 6% is 2.67301.
Required: Calculate the amount of one installment payment.
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