Today, Leroy bought a motorcycle with $10,000 in cash (which was paid today), plus a...
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Accounting
Today, Leroy bought a motorcycle with $10,000 in cash (which was paid today), plus a note payable. The terms of the note payable state that Leroy must pay $5,000 at the end of every year for the next four years, and an additional $10,000 at the end of four years. Given this arrangement, how much is Leroy paying for the motorcycle in present value terms if their discount rate is 6%
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