Question: Plano Corp. loan $ 1 , 0 0 0 , 0 0 0 on a 5 - year, 4 % mortgage note payable. Compute the

Plano Corp. loan $1,000,000 on a 5-year, 4% mortgage note payable. Compute the annual installment using the Excel function "PMT()".
(1) What is the amount of installment that the note is to be repaid equally every year? (Round the number to the nearest integer)

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