Canliss Mining Company borrowed money from a local bank. The note the company signed requires five annual installment payments of $16,000 not due for three years. The interest rate on the note is 6%. (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? (
Canliss Mining Company borrowed money from a local bank. The note the company signed requires five annual installment payments of $16,000 not due for three years. The interest rate on the note is 6%. (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? (
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Canliss Mining Company borrowed money from a local bank. The note the company signed requires five annual installment payments of $16,000 not due for three years. The interest rate on the note is 6%. (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? (Do not round intermediate calculations. Round your final answers to nearest whole dollar amount.)
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