A company borrowed $300,000 cash from the bank by signing a 5-year,8% installment note.The present value factor for an annuity at 8% for 5 years is 3.9927.Each annuity payment equals $75,137.The present value of the note is:
A) $75,137
B) $94,013
C) $300,000
D) $375,685
E) $1,197,810
Correct Answer:
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