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A company borrowed cash from the bank by signing a 5-year, 6% installment note. The present value for an annuity (series of payments) at 6% for 5 years is 4.2124. The present value of 1 (single sum) at
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A company borrowed cash from the bank by signing a 5-year, 6% installment note. The present value for an annuity (series of payments) at 6% for 5 years is 4.2124. The present value of 1 (single sum) at 6% for 5 years is .7473. Each annual payment equals $76,500. The present value of the note is:

User Hayk Mkrtchyan
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5 votes

Answer:

$322,248.60

Step-by-step explanation:

The present value of the note is = $76,500 * 4.2124

The present value of the note = $322,248.60

User Antonis Grigoriadis
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6.8k points
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