Halep Inc. borrowed $10,771 from Davis Bank and signed a 8-year note payable stating the interest rate was 3% compounded annually. Using the Present Value of an Annuity of 1 TABLE4 or Figure B2 in the textbook B, calculate the factor. Next, determine the annual payment amount. Round to the nearest penny, two decimal places.

Halep Inc. borrowed $10,771 from Davis Bank and signed a 8-year note payable stating the interest rate was 3% compounded annually. Using the Present Value of an Annuity of 1 TABLE4 or Figure B2 in the textbook B, calculate the factor. Next, determine the annual payment amount. Round to the nearest penny, two decimal places.

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter16: Working Capital Policy And Short-term Financing

Section: Chapter Questions

Problem 14P

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