Determine interest rate on the loan, Accounting Basics

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Determine interest rate on the loan

Problem:

Boiler Bakeries borrowed money from Lafayette Savings Bank. The note that Boiler signed requires 6 annual payments fo $20,000 beginning one year from today. The interest rate on the loan is 8%.

Required:

Question: What amount did Boiler Bakeries borrow?

Note: Please show the work not just the answer.

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Accounting Basics: Determine interest rate on the loan

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Accounting Basics: Determine interest rate on the loan

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