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Beach corporation is looking to purchase a building costing

Question - Beach Corporation is looking to purchase a building costing $800,000 by paying $100,000 cash on the purchase date, and agreeing to make 5 yearly payments for the remainder owed; the first payment is due 1 year after the purchase date. Beach's incremental borrowing rate is 7%.

How much will each of the payments be (expect slight rounding)?

A. $ 120,000

B. $ 75,137

C. $ 170,723

D. $ 225,411

E. $ 195,113

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Accounting Basics: Beach corporation is looking to purchase a building costing

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