Essay
Adam Baum Company borrowed $48,000 from B. A. Ware on January 1, 2018, and signed a three-year, 6% installment note to be paid in three equal payments at the end of each year. The present value of an ordinary annuity of $1 for 3 periods at 6% is 2.67301.
Required: Calculate the amount of one installment payment.
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