Sami Corporation borrowed $300,000 from the bank by signing a 5-year, 8%installment note. The present value of an annuity factor at 8% for 5 years is 3.9927. To the nearest dollar, the annual payment is:
A) $60,000.
B) $19,964.
C) $24,000.
D) $37,500.
E) $75,137.
Correct Answer:
Verified
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