A company purchased equipment and signed a 7-year installment loan at 9% annual interest. The annual payments equal $9,000. The present value for an annuity (series of payments) at 9% for 7 years is 5.0330. The present value of 1 (single sum) for 7 years at 9% is 0.5470. The present value of the loan is:
A. $4,923.
B. $63,000.
C. $45,297.
D. $9,000.
E. $16,453.
Answer: C
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