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A company borrowed money from a local bank. The note the company signed requires five...

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Accounting

A company borrowed money from a local bank. The note the company signed requires five annual installment payments of $12,000 not due for four years

The interest rate on the note is 7%

What amount did the company borrow?

(Please answer in excel =PV() format, have been fighting this question cannot get the correct answer)

Amount of each installment payment $12,000
Interest rate 7%
Number of installment payments 5
Not due for 4 years
Amount borrowed

Answer & Explanation Solved by verified expert
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