What amount did Canliss borrow? (Round your final answers to nearest whole dollar amount.
Canliss Mining Company borrowed money from a local bank. The note the company signed requires five annual installment payments of $15,000 beginning immediately. The interest rate on the note is 9 %. (FV of $1, PV of $1, FVA of $1, PVA of $1. FVAD of $1 and PVAD of $1 ) (Use appropriate factor(s) from the tables provided.)
What amount did Canliss borrow? (Round your final answers to nearest whole dollar amount.
Homework Answers
Solution:
| PV Factor based on | |
| Table or Calculator function | PVAD of $1 |
| Payment | $15,000 |
| n= | 5 |
| i= | 9.00% |
| PV factor | 4.23972 |
| Present value | $63,596 |
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What amount did Canliss borrow? (Round your final answers to nearest whole dollar amount.
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