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Business, 19.10.2021 14:00 GaudySky

Gannon Auto issued a $180,000, five-year note payable to Starkey Vehicles in exchange for cash. The note was issued at 12%, but notes with similar risk have an interest rate of 9 percent. Gannon is expected to make five annual interest payments of $21,600 with one lump-sum payment for the principal at the end of Year 5. How much cash will Gannon receive on the date the note was issued

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Gannon Auto issued a $180,000, five-year note payable to Starkey Vehicles in exchange for cash. The...
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