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GrogVix [38]
3 years ago
8

A company borrowed $40,000 cash from the bank and signed a 6-year note at 7% annual interest. The present value of an annuity fa

ctor for 6 years at 7% is 4.7665. The present value of a single sum factor for 6 years at 7% is 0.6663. The annual annuity payments equal:
Mathematics
1 answer:
cluponka [151]3 years ago
5 0
The present value (PV) of an annuity of P equal periodic payments for n years at r% is given by:


where  is the present value of an annuity factor for n years at r%.
Given that a company borrowed $40,000 cash from the bank and signed a 6-year note at 7% annual interest and that the present value of an annuity factor for 6 years at 7% is 4.7665.
Then..


Therefore, the annual annuity payments equals $8,391.90
 
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