Canliss mining company borrowed money from a local bank., Ask an Expert

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Canliss Mining Company borrowed money from a local bank. The note the company signed requires five annual installment payments of $10,000 beginning one year from today. The interest rate on the note is 7%. What amount did Canliss borrow assuming that the first of the five annual $10,000 payments was not due for three years?

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Accounting Basics, Accounting

Category:- Accounting Basics
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