A company purchased equipment and signed a 5-year installment loan at 11% annual interest. The annual payments
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A company purchased equipment and signed a 5-year installment loan at 11% annual interest. The annual payments equal $6,400. The present value of an annuity factor for 5 years at 11% is 3.6960. The present value of a single sum factor for 5 years at 11% is .6209. The present value of the loan is:
Related Book For
Financial Accounting Information For Decisions
ISBN: 978-0324672701
6th Edition
Authors: Robert w Ingram, Thomas L Albright
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