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Lang Warehouses borrowed $185,741 from a bank and signed a note requiring 16 annual payments...

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Accounting

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Lang Warehouses borrowed $185,741 from a bank and signed a note requiring 16 annual payments of $14,787 beginning one year from the date of the agreement. (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.) Required: Determine the interest rate implicit in this agreement. Using the PVA of $1 chart, solve for i. Present value: n= Annuity payment

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