Multiple Choice
A company borrowed $50,000 cash from the bank and signed a 6-year note at 7%.The present value factor for an annuity for 6 years at 7% is 4.7665.The annual annuity payments equal $10,490.The present value of the loan is:
A) $10,490
B) $11,004
C) $50,000
D) $52,450
E) $238,325
Correct Answer:
Verified
Correct Answer:
Verified
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