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Question
On August 1, a $30,000, 6%, 3-year installment note payable is issued by a company. The note requires equal payments of principal plus accrued interest be paid each year on July 31. The present value of an annuity factor for 3 years at 6% is 2.6730. The payment each July 31 will be:A.$10,000.00.
B.$11,223.34.
C.$10,800.00.
D.$10,400.00.
E.$1,223.34.
Answer
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