. Which of the statements below is incorrect: 23 Multiple Choice 00:4118 A 5-year 9 percent, $5,000 loan that is amortized with a single fixed payment each year will require the borrower to pay $1.285.46 each year over the next 5 years The phrase time value of money refers to the fact that a dollar in hand today is worth more than a dollar promised at some time in the future, Unless a dividend is declared by the board of directors of a company is not liability of the company, A series of constant cash flows that occur at the end of each period for a fred number of periods is called an ordinary annuity Shoulingus Corp wows you to write a check for $25 dated days in meture for which pet $100 today. Asturing more 365 days in the year, the APR on this lon is around 30%