Question: Brief Exercise 5-17 (Algo) Present value; annuity due; installment notes [LO5-8, 5-10] A Company borrowed money from a local bank. The note the company signed

Brief Exercise 5-17 (Algo) Present value; annuity due; installment notes [LO5-8, 5-10] A Company borrowed money from a local bank. The note the company signed requires five annual instaliment payments of $16,000 beginning immediately. The interest rate on the note is 6%. What amount did the company borrow? Note: Use tables, Excel, or a financial calculator. (FV of \$1. PV of \$1. FVA of \$1. PVA of \$1. FVAD of \$1 and PVAD of \$1)

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