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adam baum company borrowed $63,000 from b. a. ware on january 1, 2024, and signed a three-year, 6% installment note to be paid in three equal payments at the end of each year. the present value of an ordinary annuity of $1 for 3 periods at 6% is 2.67301.

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ashishdwivedilVT

Receiving something (like money) on loan with the intention of returning it or something equally or identical to the lender. to appropriate (an idea, word, etc.) from another source.

What is borrowed ?

You can have something now and pay for it later by taking out a loan. But when you borrow money, you typically have to pay "interest." You will accrue greater interest fees the longer it takes you to repay the loaned funds.

Amount of one installment payment is $23,569   

  Statement showing Computations    

Particulars                                   Amount    

Amount borrowed                         63,000.00                                

Present value                                    2.67301

amount of one installment  of ordinary Annuity payment

= 63,000/2.67301 = $  23,569

Learn more about borrowing here

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# SPJ 1

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