ow would you get the equation for excel 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?                   Amount of each installment payment           $12,000     Interest rate           7%     Number of installment payments           5     Not due for

Intermediate Financial Management (MindTap Course List)
13th Edition
ISBN:9781337395083
Author:Eugene F. Brigham, Phillip R. Daves
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Chapter22: Providing And Obtaining Credit
Section: Chapter Questions
Problem 4P: Gifts Galore Inc. borrowed 1.5 million from National City Bank. The loan was made at a simple annual...
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how would you get the equation for excel

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

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