Question: On September 1 2009 the Little Broadway Players signed a
On September 1, 2009, the Little Broadway Players signed a note to raise cash to buy a theater. The terms of the note call for seven annual payments of $ 5,000 and an interest rate of 9 percent. However, because the Players are just starting this enterprise, the bank has agreed to defer the first of the seven payments until September 1, 2012. How much cash will the bank loan the Little Broadway Players given the terms of this note?
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