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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 | | |
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