How much did grant borrow

Reference no: EM13268108

Grant Productions has borrowed a large sum from the California Finance Company at a rate of 16.9 percent for a seven-year period. The loan calls for a payment of $1,250,436 each year beginning today. How much did Grant borrow? (Round intermediate calculations to 6 decimal places, e.g. 1.521241 and final answer to nearest whole dollar, e.g. 5,275.)

Reference no: EM13268108

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