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Evgen [1.6K]
3 years ago
5

Peachtree company borrows $30,000 from the local bank at 7% interest. the term of the note is five years and the annual payments

remain contant at $7,317. determine the decrease in notes payable that peachtree company should record in the first year.
Business
1 answer:
Reptile [31]3 years ago
8 0
The present value of the periodic payment of $7,317 is given by:

PV= \frac{P}{(1+r)^n}  \\  \\ = \frac{7317}{(1+0.07)^5} = \frac{7317}{1.07^5}  \\  \\ = \frac{7317}{1.4026} =\$5216.92

Therefore, <span>the decrease in notes payable that peachtree company should record in the first year is $5,216.92</span>
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