If you borrow $7,000 with an interest rate of 3 percent, to be
repaid in five...
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Finance
If you borrow $7,000 with an interest rate of 3 percent, to berepaid in five equal yearly payments at the end of the next fiveyears, what would be the amount of each payment? Use Exhibit 1-D.(Round time value factor to 3 decimal places and finalanswer to 2 decimal places.)
Amount of each paymet
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Amount of each payment is 152848 Calculation of Annual Installment Equated annual installment 1 Divided BY present value of annuity factor for 5 year at 3 ie 1 present value of annuity factor for 5 year at
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