Question: Q5: USE THE FOLLOWING INFORMATION FOR THIS QUESTION: Installment note payable borrowed from the bank $287,000 Present value interest factor from table 2.77509 Signed for

Q5:

USE THE FOLLOWING INFORMATION FOR THIS QUESTION:

Installment note payable borrowed from the bank $287,000
Present value interest factor from table 2.77509
Signed for 3 years
Annual interest rate 4%
Payments are made

Annually

The outstanding loan balance at the end of year 3 equals what amount?

Group of answer choices

- 195,060

- $7,802

- $99,442

- $103,420

- zero

- unable to determine

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