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Question - A company purchased equipment and signed a 7-year installment loan at 9% annual interest. The annual payments equal $9,000. The present value of an annuity factor for 7 years at 9% is 5.0330. The present value of a single sum factor for 7 years at 9% is 0.5470. The present value of the loan is:
$9,000.
$4,923.
$16,453.
$63,000.
$45,297.
For this assignment, you will need to access the Florida Pool Data document, posted in in Updates and Handouts.
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