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 factor 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:
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40000*07=2800. 2800*6= 16800. 40,000+16800= 56800/6= 9,466.67
Annual payment: 9466.67.
I think this is right! Hope it helps
Annual payment: 9466.67.
I think this is right! Hope it helps
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